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The way in which the Fed normalizes its balance sheet will have important implications for markets.
The Federal Reserve faces three complications to removing monetary policy accommodation.
At its March meeting, the Fed hiked rates as expected and left the projected path for rates unchanged. Yet, as Chair Yellen likes to remind us, the Fed is not on autopilot.
Visit PIMCO’s Rise Above Rates page for our latest outlook on interest rates.
The Fed added language that its liftoff path is expected to be consistent with 2% inflation.
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Global Strategic Advisor
Dr. Clarida is a managing director in the New York office and PIMCO's global strategic advisor. In this capacity he leads PIMCO's annual Secular Forum process and works closely with the Investment Committee to assess and analyze global monetary and fiscal policy trends. Since joining the firm in 2006, he has worked extensively with and served as a trusted adviser to the firm's many central bank and sovereign wealth fund clients. Prior to joining PIMCO, he gained extensive experience in Washington as assistant Treasury secretary, in academia as chairman of the economics department at Columbia University, and in the financial markets at Credit Suisse and Grossman Asset Management. He has 19 years of investment experience and holds a Ph.D. in economics from Harvard University. He received his undergraduate degree with Bronze Tablet Honors from the University of Illinois.