Fed may use AI as it streamlines workforce, says Schmid

June 5 (Reuters) - The Federal Reserve may use artificial intelligence to make its workforce more efficient as it pursues a goal of cutting 10% of its staff over the next two years through attrition or retirement, Kansas City Fed President Jeff Schmid said on Thursday.

Schmid did not provide any details in his brief comments.

"We're starting to see opportunities to operationalize some of the AI, the artificial intelligence, that we have access to and that we understand, and there's a low-fruit process to that," Schmid told a banking conference. "So what are the things that we can do that actually we don't need, let's say, the workforce to do, but the technologies can do for us? And that's what all of us are doing."