Fed Powell: Spending on AI and data centers has been "holding up business investment."

Economic Growth & Forecast - Broadly, outside forecasts indicate a pickup in growth [1] - The baseline expectation is a growth pickup from the current 1.7% [2] - The SEP median growth is 1.7% for the current year and 2.3% for the next year [2] - Adjusting for shutdown impact, growth would be 1.9% and 2.1% respectively [2] - Solid growth is expected next year [3] Key Drivers - Resilient consumer spending is a contributing factor [1][3] - AI spending on data centers is supporting business investment [1][3] - Fiscal policy is expected to be supportive [2]