FRED Adapts to AI Surge With Launch of New Data Connector
The Federal Reserve's FRED platform is adapting to the growing use of artificial intelligence by launching an AI connector, which will make it easier for machines to access and retrieve economic data. Fed Governor Christopher Waller stated that AI can enhance the usefulness of economic data, allowing people to search, summarize, and visualize information faster and at a larger scale.
The platform has seen significant growth, with traffic increasing by 150% annually, with AI agents responsible for most of this increase. Half of all FRED visits now come from these agents, although the St. Louis Fed cannot always determine if they are properly crediting the underlying data source or FRED.
The MCP Connector will enable users to bring their own AI agent to the platform, allowing for more efficient and accurate access to economic data. This development is part of a broader effort by the St. Louis Fed to connect FRED with other platforms, including FRASER and ALFRED, which provide historical Federal Reserve documents and preserved data in earlier forms.