Uploaded January 2026 | Updated September 2026, 3 weeks ago

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What should we understand when we hear that “interest rates are too high”?

In this episode of Cam Harvey: Through the Noise, Duke Fuqua finance professor Campbell
Harvey joins Assistant Dean Robert Olinger to clarify how interest rates are determined, and
why long-term rates matter far more for the economy than short-term moves by the Federal
Reserve.

Cam argues that today’s rate environment is shaped less by Fed policy and more by deep
structural forces. From rising U.S. government debt and shifting global capital flows to inflation
expectations and AI-driven investment, these pressures are pushing long-term rates higher and
limiting how much economic impact policy rate cuts can deliver.

0:38 – Short-Term vs Long-Term Rates
2:37 – What Factors Influence Long-Term Rates?
3:50 – Global Economic Trends
7:10 – Impact of AI and Deglobalization
9:26 – Future Economic Growth

"Through the Noise" Playlist
youtube.com/playlist?list=PLE1Vu6ctbqa6k4j4xSfsBMVZVqwjRRA31