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Heightened worries about politics, populism and protectionism, together with diminished fears of deflation and recession, will likely lead to a very different policy mix in the advanced economies: less monetary, more fiscal.
In our outlook for the remainder of this year and for 2017, we discuss the likelihood of continued economic expansion while assessing the underlying risks to growth.
The summer sedation in markets caused by dovish central bank talk and action after the Brexit vote lies behind us.
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Global Economic Advisor
Mr. Fels is a managing director and global economic advisor based in the Newport Beach office. He is a member of the Investment Committee and co-leads PIMCO's quarterly Cyclical Forum process. Prior to joining PIMCO in 2015, he was global chief economist at Morgan Stanley in London. Previously he was an international economist at Goldman Sachs and a research associate at the Kiel Institute for the World Economy. Mr. Fels was also a founding member of the ECB shadow council, a member of the economic and monetary committee of the Association of German Banks and served on the Asset Allocation Advisory Board of Volkswagen Foundation. He has 29 years of macro research experience and holds a diploma in international studies from the Johns Hopkins University School of Advanced International Studies in Bologna, Italy; a master's degree in economics from Universität des Saarlandes in Saarbrücken, Germany; and an undergraduate degree from Christian-Albrechts-Universität in Kiel, Germany.