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.

How independent should the Federal Reserve be as its role in the economy continues to expand?

In the latest episode of Through the Noise, Duke Fuqua professor Cam Harvey examines how modern monetary policy has evolved and what that means for central bank independence, credibility, and long-term economic growth.