EconomyHigher Interest Rates Are ‘Likely Here to Stay,’ Furman Says

Jason Furman, who formerly chaired the Council of Economic Advisers under President Obama, says elevated interest rates are likely to persist as governments and companies compete for capital. With US national debt above $40 trillion, he says Congress will ultimately need spending cuts, tax increases, or both to address the fiscal imbalance. Furman also says substantial AI-driven productivity gains may remain one to three years away as businesses learn how to use the technology.