Lower interest rates affect financial markets, investment behavior, and economic decision-making. Less visible, but no less important, are the ways these monetary conditions influence how families invest in skills, education, and human capital, with long-run consequences for economic mobility across generations.

On Tuesday, March 31, 2026, at 11:00 a.m. CT, the Chicago Fed’s Economic Mobility Project hosted a virtual event, Human Capital in a Time of Low Real Rates, examining how low interest rate environments impact human capital investment and opportunity. The event began with an introduction by Chicago Fed President and CEO Austan Goolsbee, followed by framing remarks from Dr. Tamara Hoff Pope, chief strategy officer for Chicago Scholars. Chicago Fed economist Jung Sakong then presented findings from his paper Human Capital in a Time of Low Real Rates. The paper develops a macroeconomic framework linking persistently low real interest rates to differences in human capital investment across families and examines how these dynamics affect long-run labor market outcomes and intergenerational economic mobility.

Following the research presentation, a moderated panel explored the policy implications of these findings, including what they mean for education systems, workforce development, and efforts to expand economic opportunity in low-rate environments. Panelists were:

• Elizabeth “Beth” Akers, Senior Fellow, American Enterprise Institute
• Jonathan Rothwell, Principal Economist, Gallup
• Jon Mandrell, Vice President of Academic and Student Services, Sauk Valley Community College
• Aisha G. Meeks, Professor of Accounting, Morehouse College

The discussion was moderated by Samantha Chatman, weekend anchor for ABC7 Chicago.