Business leaders predict longer-lasting higher interest rates due to structural economic changes, higher long-term inflation, and external factors.

Business leaders say interest rates may stay higher for longer due to structural economic changes and a higher long-term inflation rate. Former treasurer Peter Costello warns markets may have priced in rate cuts too optimistically, and central banks could take longer to reduce rates. BlackRock's Wei Li cites shifting geopolitical objectives, supply chain constraints, and an aging global population as factors driving inflation higher.