AI is becoming a macro trade. For years, the AI story was mostly about chipmakers, data centers and tech valuations. Now the effects are spreading much further. Massive spending on AI infrastructure is increasing demand for semiconductors, energy, data centers, labor and capital. At the same time, major technology companies are increasingly turning to debt markets to finance that expansion, adding pressure to an already sensitive bond market. And this is where AI starts becoming a monetary-policy story. The Fed is currently holding rates at 3.50%–3.75%, while inflation remains above its 2% target. At its July meeting, three FOMC members preferred a 25-basis-point rate hike rather than a hold. So there are two forces pulling against each other: AI investment → stronger growth and productivity But also: AI investment → stronger demand + higher capital spending → potential inflation pressure If AI keeps the economy running hot while inflation remains sticky, the Fed may have less room to ease policy. That can keep Treasury yields elevated and create pressure across equities, currencies, commodities and crypto. The September FOMC meeting is therefore worth watching closely. Is the AI boom strong enough to change the path of monetary policy? That's the macro trade I'm watching on BingX. #AI #FOMC