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31.08.26 - 20:57
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"Prepare For More Severe Scenarios": Bank Of England Chief Warns Of AI Threat To Global Financial System (ZeroHedge)
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"Prepare For More Severe Scenarios": Bank Of England Chief Warns Of AI Threat To Global Financial System
As the world marches towards open-weight, efficient, unrestricted frontier AI models out of China, Western leaders are starting to panic over the lack of guardrails. Most recently, Bank of England Governor Andrew Bailey suggested that the threat posed by AI could lead to a chaotic correction in global financial markets, as frontier models are now showing "increasingly sophisticated autonomy and problem-solving abilities, as well as threat capabilities."
Governor of the Bank of England Andrew Bailey addresses the media during a press conference concerning interest rates, at the Bank of England, in London, Britain, November 2, 2023. HENRY NICHOLLS/Pool via REUTERS
"Financial institutions, financial market infrastructures, and technology providers will therefore need to strengthen vulnerability management, response and recovery capabilities, and prepare for more sev...
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31.08.26 - 08:24
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Advanced AI threatens global financial stability, says Bank of England boss (The Guardian)
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Andrew Bailey warns G20 members about risk of cyber-disruption spreading 'across jurisdictions'The Bank of England's governor, Andrew Bailey, has joined the throng of figures warning about the global risks posed by the most advanced artificial intelligence technology.In a two-page letter sent to international finance ministers and central bank governors as part of his role as chair of the international Financial Stability Board (FSB), Bailey said “frontier” AI models were “showing increasingly sophisticated autonomy and problem-solving abilities, as well as threat capabilities”. Continue reading......
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28.08.26 - 18:42
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BOE′s Bailey on Warsh′s Jackson Hole Speech, UK Inflation (Bloomberg)
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Bank of England Governor Andrew Bailey says Federal Reserve Governor Kevin Warsh gave a speech of "real substance" at the Fed's annual conference in Jackson Hole, Wyoming. Speaking with Bloomberg's Lisa Abramowicz, Bailey also says the UK is not yet experiencing significant second-round inflation effects. (Source: Bloomberg)...
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28.08.26 - 17:42
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BOE′s Mann on Hawkish Policy, Inflation, Reaction Functions (Bloomberg)
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Bank of England Monetary Policy Committee member Catherine Mann discusses central bank reaction functions and managing inflation from supply shocks. She also points to research showing evidence of the immediate effect that central bank decisions can have on economic activity. Mann speaks on the sidelines of the Jackson Hole Economic Policy Symposium. (Source: Bloomberg)...
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19.08.26 - 20:02
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Why AI Isn′t the BOE′s Biggest Inflation Worry (Bloomberg)
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Could the AI boom become a new source of inflation for the UK? KPMG UK Chief Economist Yael Selfin discusses how rising chip and AI model costs are filtering through the economy and why higher household energy costs remain a much bigger concern for the Bank of England. She joins Ed Ludlow to discuss on "Bloomberg Tech." (Source: Bloomberg)...
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19.08.26 - 09:36
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Fed und BoE im Fokus: Zinserhöhungserwartungen nehmen wieder zu (Anleihencheck)
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Frankfurt (www.anleihencheck.de) - Am Morgen richten sich die Blicke auf die britischen Verbraucherpreise des Monats Juli, so die Analysten der Helaba.
Ein erneuter Anstieg der Inflationsrate werde erwartet und die Zinserwartungen bezüglich der Bank of England (BoE) könnten wieder etwas zunehmen. Wie die Fed habe die BoE bisher nicht die Zinsen erhöht, um der energiepreisbedingten Inflationsgefahr zu begegnen. [mehr]...
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