FRED Con: Opening Remarks by Federal Reserve Gov. Christopher Waller

Federal Reserve Governor Christopher Waller highlights the evolution and significance of the Federal Reserve Economic Data (FRED) platform, characterizing it as a vital public good for global economic understanding. As AI technology accelerates, FRED is adapting by introducing the Model Context Protocol (MCP) Connector, enabling AI agents to retrieve data more efficiently while addressing risks like hallucinations and misattribution. Waller emphasizes that while AI enhances productivity and data accessibility, maintaining the integrity of official government data remains paramount. He underscores the necessity of interdisciplinary collaboration, noting that gathering experts from diverse sectors is essential for navigating the complexities of modern economic data. By bridging the gap between historical data repositories like ALFRED and FRASER with emerging AI capabilities, the Federal Reserve continues its commitment to providing transparent, reliable, and accessible economic information to the public.