The Federal Reserve is studying artificial intelligence (AI). At the same time, markets are waiting for new price and profit reports.

聯準會正在研究人工智慧（AI）。與此同時，市場正等待新的價格與利潤報告。

Kevin Warsh is the leader of the Federal Reserve. He made five groups to study AI. These groups look at how AI changes jobs and money. Some leaders think AI helps the economy grow. Other leaders are not sure.

Kevin Warsh 是聯準會的領導者。他成立了五個小組來研究 AI。這些小組研究 AI 如何改變工作與金錢。有些領導者認為 AI 有助於經濟增長，而有些則不確定。

Asha Sharma is a leader at Xbox. She is now in one of the AI groups. Some people are angry because Microsoft cut 3,200 jobs. Now, the government is checking if Microsoft used visas correctly.

Asha Sharma 是 Xbox 的領導者。她現在加入了一個 AI 小組。由於微軟裁減了 3,200 個職位，部分人士感到憤怒。目前政府正在檢查微軟是否正確使用簽證。

Stock markets are growing. Companies are making more money. But oil prices are going up because the U.S. and Iran are fighting. People are waiting for new price data in June. This data tells them if interest rates will go up in September.

股市正在增長。公司賺到了更多錢。但由於美國與伊朗的衝突，原油價格正在上漲。人們正等待六月的新價格數據。這些數據將決定九月份的利率是否會調升。

The Federal Reserve uses new experts to understand AI. But the economy is still worried about wars and high prices.

聯準會利用新專家來了解 AI。但經濟方面仍對戰爭與高物價感到擔憂。

The Federal Reserve is creating new advisory groups to study how artificial intelligence affects the economy. Meanwhile, financial markets are waiting for important inflation data and company profit reports during a time of global political instability.

聯準會目前正在成立新的諮詢小組，以研究人工智慧如何影響經濟。與此同時，在全球政治不穩定的時期，金融市場正等待重要的通貨膨脹數據與公司獲利報告。

Under the leadership of Chairman Kevin Warsh, the Federal Reserve has started five task forces to improve its economic analysis. One key group, the 'Productivity and Jobs' panel, is co-led by Marc Andreessen, Charles I. Jones, and Asha Sharma. This group is responsible for studying how AI influences economic growth and employment. Chairman Warsh suggested that AI could increase productivity, which might allow the Fed to lower interest rates without causing inflation. However, not all committee members agree, as some believe the timing and size of these gains are still unclear. Additionally, New York Fed President John Williams pointed out that the high demand for semiconductors and electricity caused by AI has led to significant price increases.

在主席 Kevin Warsh 的領導下，聯準會啟動了五個專案小組以改善其經濟分析。其中一個關鍵小組「生產力與就業」由 Marc Andreessen、Charles I. Jones 和 Asha Sharma 共同領導。該小組負責研究 AI 如何影響經濟增長與就業。Warsh 主席建議 AI 可能會提高生產力，這或許能讓聯準會在不引起通貨膨脹的情況下調低利率。然而，並非所有委員會成員都同意，因為部分成員認為這些收益的時間點與規模仍不明確。此外，紐約聯準會總裁 John Williams 指出，AI 引起對半導體與電力的強烈需求，已導致價格大幅上漲。

At the same time, the appointment of Xbox CEO Asha Sharma has faced criticism. This happened after Microsoft cut about 3,200 jobs while hiring over 2,000 H-1B visa workers. Consequently, Vice President JD Vance has started an investigation into possible H-1B visa fraud. Microsoft has defended its actions, asserting that the job cuts were based on business needs rather than visa status.

與此同時，Xbox 執行長 Asha Sharma 的任命面臨批評。此前微軟在僱用超過 2,000 名 H-1B 簽證工作者的同時，裁員約 3,200 人。因此，副總統 JD Vance 已開始調查可能的 H-1B 簽證欺詐。微軟對其行為進行辯護，聲稱裁員是基於業務需求而非簽證狀態。

Finally, stock markets are starting the second-quarter earnings season, with growth expected to stay above 20%. Analysts believe that current market highs are driven by actual profit growth. However, this trend depends on stable inflation. Because the ceasefire between the U.S. and Iran has ended, oil prices have risen, which could create long-term price pressures. Investors are now waiting for the June inflation data to see if the Federal Reserve will raise interest rates in September.

最後，股市進入第二季獲利季節，預計增長將維持在 20% 以上。分析師認為目前市場的高點是由實際利潤增長所驅動。然而，這一趨勢取決於通膨是否穩定。由於美國與伊朗之間的停火協議已結束，油價上漲，可能會造成長期價格壓力。投資者目前正等待 6 月的通膨數據，以觀察聯準會是否會在 9 月調高利率。

The Federal Reserve is using outside expertise to manage technological changes, while the general economy remains vulnerable to political tensions and inflation.

聯準會正利用外部專業知識來管理技術變革，而整體經濟仍易受政治緊張局勢與通貨膨脹影響。

The Federal Reserve is implementing new advisory task forces to evaluate the economic impact of artificial intelligence while financial markets anticipate critical inflation data and corporate earnings reports amidst geopolitical instability.

聯準會正成立新的諮詢工作小組，以評估人工智慧對經濟的影響，而金融市場在地緣政治不穩定的情況下，正期待關鍵的通貨膨脹數據與企業獲利報告。

The Federal Reserve, under the leadership of Chairman Kevin Warsh, has established five task forces to refine the institution's analytical frameworks. A primary focus is the 'Productivity and Jobs' panel, co-led by Marc Andreessen, Charles I. Jones, and Asha Sharma. This body is charged with assessing how general-purpose technologies, specifically artificial intelligence, influence economic growth and labor dynamics. Chairman Warsh has posited that AI-driven productivity gains could justify interest rate reductions by facilitating growth without concomitant inflationary pressures. However, this perspective is not universally adopted within the Federal Open Market Committee, where some members maintain that the magnitude and timing of such gains remain uncertain. Furthermore, New York Fed President John Williams has noted that AI-driven demand for semiconductors and electricity has precipitated significant price increases.

在主席 Kevin Warsh 的領導下，聯準會成立了五個工作小組以完善機構的分析框架。其中一個重點是由 Marc Andreessen、Charles I. Jones 與 Asha Sharma 共同領導的「生產力與就業」小組。該小組負責評估通用型技術，特別是人工智慧，如何影響經濟成長與勞動力動態。主席 Warsh 認為，人工智慧帶來的生產力提升可在不引起通膨壓力的情況下促進成長，從而使調降利率變得合理。然而，此觀點並非聯邦公開市場委員會全體採納，部分成員認為此類增長的幅度與時機仍不確定。此外，紐約聯準銀行的總裁 John Williams 指出，人工智慧對半導體與電力的需求已導致價格顯著上漲。

Concurrent with these policy shifts, the appointment of Xbox CEO Asha Sharma has generated scrutiny. This follows a corporate restructuring at Microsoft involving the elimination of approximately 3,200 positions. Critics have highlighted the juxtaposition of these layoffs with the company's acquisition of 2,273 H-1B visa workers, prompting an investigation into H-1B visa fraud by Vice President JD Vance. Microsoft has asserted that personnel reductions were necessitated by business requirements rather than visa status.

與這些政策轉向同步，Xbox 執行長 Asha Sharma 的任命引起了關注。此前微軟進行了企業重組，裁減了約 3,200 個職位。批評者強調，公司在裁員的同時卻招募了 2,273 名 H-1B 簽證勞工，這促使副總統 JD Vance 對 H-1B 簽證欺詐展開調查。微軟則主張，人員削減是基於業務需求而非簽證身分。

Simultaneously, equity markets are entering the second-quarter earnings season, with expectations of sustained growth exceeding 20%. Analysts suggest that current market peaks are driven by earnings growth rather than price-to-earnings ratio expansion. However, this trajectory is contingent upon the stability of inflation. The cessation of a ceasefire between the U.S. and Iran has resulted in a rise in Brent and WTI crude futures, introducing the risk of durable pricing pressures. Market participants are awaiting the June Consumer Price Index and Producer Price Index data to determine the likelihood of a Federal Reserve rate hike in September.

與此同時，股市進入第二季財報季，預期成長將持續超過 20%。分析師指出，目前的市場高點是由獲利成長驅動，而非本益比擴張。然而，這一趨勢取決於通膨的穩定性。美國與伊朗之間停火協議的終止，導致布倫特原油與 WTI 原油期貨價格上升，引入了持久價格壓力的風險。市場參與者正等待 6 月的消費者物價指數（CPI）與生產者物價指數（PPI）數據，以判定聯準會 9 月升息的可能性。

The Federal Reserve continues to integrate external expertise to navigate technological transitions while the broader economy remains sensitive to geopolitical tensions and inflationary trends.

聯準會持續整合外部專業知識以應對技術轉型，而整體經濟對地緣政治緊張局勢與通膨趨勢仍保持敏感。