How artificial intelligence is reshaping the world
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 21 June 2021
⏱️ 11 minutes
🧾️ Download transcript
Summary
Reflation trade has been pummelled after the Federal Reserve unexpectedly signalled a shift in its stance on inflation, and, European Central Bank executive Fabio Panetta says the introduction of a digital euro would boost consumers’ privacy. Plus, the FT’s innovation editor, John Thornhill, talks about the new season of the Tech Tonic podcast and its main focus, artificial intelligence.
Reflation trades pummelled as Fed shift resets markets
https://www.ft.com/content/2fa0c907-f597-49b2-a08d-35249d1d5a9f
Digital euro will protect consumer privacy, ECB executive pledges
https://www.ft.com/content/e59e5d61-043a-4293-8692-f8267e5984c2?
Tech Tonic Season 2
Today's Clubhouse discussion on artificial intelligence
https://www.clubhouse.com/join/FinancialTimes/MLICXXgQ/PAwJ017M
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Monday, June 21st, and this is your FT News Briefing. |
| 0:09.0 | Investors who bet on rising prices have been walloped by the Federal Reserve's latest forecast on when it'll start raising interest rates. |
| 0:17.0 | And we'll tell you about the European Central Banks plans for a digital euro. |
| 0:21.0 | Plus, our innovation editor, John Thornhill, joins us for a sneak preview of the FT's tectonic podcast. |
| 0:27.0 | The new season explores the latest advances in artificial intelligence. |
| 0:32.0 | I write a lot about different types of technology, and to me, I think AI is the one that transforms them all in a way. |
| 0:40.0 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:49.0 | Investors who'd been betting on inflation are hurting right now. Many of them had put their money in commodities and value stocks, |
| 0:56.0 | and other securities that do well in an environment of rising prices. |
| 1:02.0 | And that so-called inflation bet had been really successful pretty much through March of this year. |
| 1:10.0 | That's the FT's US economics editor, Colby Smith. |
| 1:14.0 | Those gains started to reverse, however, from April. And last week was kind of a real tipping point, I think, for the trade, at least in the near term, |
| 1:22.0 | given some signaling from the federal reserve about its policy path forward, now that it has a little bit more information about the economic recovery. |
| 1:33.0 | So what we saw last week was the federal reserve signaling that it would potentially be open to raising interest rates twice in 2023, |
| 1:44.0 | which was far earlier than I think many investors expected. |
| 1:47.0 | And what this really led people to conclude was that the Fed's tolerance for inflation was perhaps a bit lower than they had initially thought. |
| 1:56.0 | That's the FT's US economics editor, Colby Smith. |
| 2:03.0 | The European Central Bank has drawn up plans for a digital euro. It's doing this with an eye on the future, according to Fabio Panetta. |
| 2:11.0 | He's the ECB executive in charge of getting a European digital currency off the ground. |
| 2:15.0 | This would allow everybody to have access to safe, riskless, costless means of payment in the digital era. |
| 2:25.0 | In 20 years from now, everybody will be using digital instruments. |
| 2:30.0 | And there will be a coexistence, possibly, between digital euro and cash, but I'm sure that everybody will be using digital means of payment. |
... |
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