On Friday's broadcast of CNBC's "Closing Bell: Overtime," Professor of the Practice of Economic Policy at Harvard University and the Harvard Kennedy School Jason Furman, who served as Chairman of the Council of Economic Advisers under President Barack Obama and on the Council of Economic Advisers and the National Economic Council under President Bill Clinton, stated that "the inflation we have is higher than we thought, it's more stubborn than we thought." And without "real softening" in the labor market, inflation will not come down much from where it is.