Federal Reserve officials discussed artificial intelligence 18 times across 15 paragraphs of the July meeting minutes, focusing on its uncertain effects on inflation, employment and productivity. They warned that large-scale AI infrastructure investment could increase aggregate demand and create broader price pressures, while noting that current effects may be concentrated in chips, software and some consumer electronics. Officials also raised concerns about growing reliance on nonbank investors and regional banks for debt financing, saying a sharp reversal in AI asset valuations could trigger major equity repricing and hurt financial institutions and consumer spending. The minutes also described a labor market viewed as broadly balanced but with signs of weakness, including low employment rates and high long-term unemployment. Demand and wages for AI-related technical workers remained strong, while data-center construction was creating jobs in some areas and intensifying shortages of electricians, plumbers and construction workers.