An analysis says the spread of generative AI is making it more complex for central banks worldwide to conduct monetary policy, as AI affects all key goals simultaneously, including price stability, full employment and financial stability. The Bank for International Settlements (BIS), headquartered in Basel, Switzerland, said in a recent report that AI is changing economic demand and supply simultaneously, causing business cycles and structural change, which makes it difficult to apply existing policy assessments. In countries leading AI technology, including the United States, data centre construction and rising semiconductor investment are lifting aggregate demand by driving a short-term investment boom, while a rise in stock markets is boosting household asset values and expanding consumption. Some raise the possibility that current asset prices may be a bubble reflecting excessive AI expectations. In the medium term, AI could significantly reshape the labour market, with concerns it could cause large-scale job losses, though clear evidence remains limited. If AI sharply raises productivity, it could expand the economy's supply capacity and lead to a positive supply shock that lowers inflation. BIS economists including Iñaki Aldasoro said, "Uncertainty about AI's economic impact poses new challenges to monetary policy and financial stability," adding, "The greater the uncertainty, the higher the risk that policy judgments go wrong."