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Allison Boxer


Ms. Boxer is a senior vice president and economist in the New York office, focusing on the U.S. and Canada. She helps craft the firm’s economic and monetary policy outlook and contributes to quarterly economic forums. She is also a member of the research group of PIMCO’s Americas portfolio committee. She has eight years of investment experience and holds an undergraduate degree in economics from Tufts University.

Latest Insights

Slowing Growth, Rising Inflation and the Fed
18 July 2022
PIMCO Economists Allison Boxer and Tiffany Wilding discuss why slowing growth and rising inflation are both concerning and how restrictive we think monetary policy needs to be provide some relief.
The Great U.S. Inflation Head Fake
In this Q&A, we assess investors’ inflation concerns and outline reasons that near-term price adjustments are unlikely to lead to longer-term inflation.
Key Questions on Cryptocurrency: Markets, Valuation, and Investing
PIMCO’s Digital Asset Working Group offers an educational Q&A on issues related to cryptocurrency.
The Fed's New Guidance: Surprising Is Not Convincing
The lack of market reaction suggests that many investors are not convinced that the Fed’s new guidance represents any material shift in policy.
Monetary Policy Framework: The Fed Says What, But Needs Help on How
Fed officials seek higher inflation but need help from fiscal policymakers.
Canada’s Economy: Macro Challenges, Market Opportunities
Cyclical and structural differences between the Canadian and U.S. economies suggest monetary policy may differ as well.
Inflation Risks Put the Fed in an Uncomfortable Place
The Federal Reserve navigated its tapering announcement without much market volatility, but faces the challenge of managing rate expectations amid elevated inflation risks.
A Narrowly Democratic Congress Could Boost Spending and Growth
With a narrowly Democratic Congress, U.S. fiscal spending is likely to increase on economic relief from the pandemic, infrastructure, and healthcare, boosting the economic rebound.
An Employment Priority: Women Reentering the Workforce Are Pivotal to U.S. Economic Recovery
One year since the inception of one of the most severe recessions in modern history, women’s engagement in the labor force is crucial to the economic recovery.
Fed Focused on Getting Back Toward Neutral
The Federal Reserve pulls forward rate hike expectations and doubles the pace of tapering in an effort to provide more flexibility to react in 2022.
June FOMC Meeting: Flexible Expectations Targeting
Buoyed by faster growth and higher inflation expectations, the Fed advances rate hikes to 2023 and broaches the topic of tapering.
A Swift Price-Level Adjustment, Not an Inflation Spiral: April U.S. CPI
We believe the U.S. is undergoing a large price-level adjustment, not shifting to a persistently higher inflation regime.
U.S. Inflation Eased More Than Expected in November as Fed Eyes Pause in Rate-Hike Cycle Next Year
Falling prices for cars and holiday discounting contributed to softer U.S. inflation, creating more room for the Fed to potentially dial back its hawkish stance.
Tug of War: The Fed Begins a Rate-Hiking Cycle as Inflation Trumps Uncertainty
The U.S. Federal Reserve raised the policy rate at the March meeting and signaled more hikes to come given the risks from high inflation.
Fed Sets Up a Pause, Not a Pivot
The Federal Reserve’s November statement included dovish language, but Fed Chair Powell warned investors not to expect the Fed to stray from its full focus on fighting inflation.
Fed Outlook: Expeditious but Nimble
Federal Reserve hikes policy rate 50 basis points, while remaining flexible in fighting inflation.
Surging September CPI Bolsters Case for Further Outsize Fed Hikes
Core inflation in the U.S. outpaced expectations for September and may fortify the Federal Reserve’s hawkish resolve.
Hot August Inflation May Shift Fed’s Interest Rate Trajectory Higher
The Federal Reserve may be pressured to target a higher terminal fed funds rate as it seeks to tame U.S. inflation expectations following strong price rises in August.
With Aggressive Rate Forecasts, Fed Seeks to Reinforce Commitment to Taming Inflation
The Federal Reserve released new economic projections suggesting interest rate hikes will be faster and larger than previously forecast.
July U.S. CPI Offers Some Relief, But Fed Also Watches Other Inflation Indicators
Despite price declines in many sectors, the Federal Reserve may continue its hawkish approach.
Fed Affirms Hard-Line Approach to Taming Inflation
In Jackson Hole, Federal Reserve officials unequivocally emphasized their commitment to bringing inflation under control – even as the U.S. economy slows.
The Fed’s Road to Full Normalization
At the January 2022 meeting, the U.S. Federal Reserve signaled an accelerated timetable to normalize policy, but it will be a long process amid an uncertain environment.
December CPI Data Suggests U.S. Inflation May Be Stabilizing, But Hasn’t Peaked Yet
The strong inflation report combined with employment data will likely prompt the U.S. Federal Reserve to begin hiking its policy rate in March.
Fed Battles Inflation Despite the Costs
The Federal Reserve ratchets up the pace of monetary tightening, raising questions about the U.S. growth outlook.
Hammering Inflation With a Gavel
The Biden administration faces rampant inflation in the U.S. but has limited tools to stem the rise in gas and grocery prices.
Bank of Canada: Hike More Now, Less Later
The Bank of Canada embarked on a swift tightening path, but secular forces still weigh on the longer-run interest rate outlook.
What China’s Recovering Supply Chain Means for Global Inflation
Renewed growth in China’s manufacturing activity, coupled with softening developed market demand, should ease some supply-side pressures – but several other inflation risks remain prevalent.
Fed Aims for ‘Modestly Restrictive’ Policy to Counter Inflation
The Federal Reserve affirmed its commitment to price stability, hiking its policy rate 75 basis points again and signaling more tightening to come.
Core Inflation Data Could Prompt Dramatic Action at the Fed
June’s U.S. inflation data will likely force central bankers into more restrictive territory – raising the odds of recession.
Disappointing Details in January CPI Report May Give the Fed Room to Maneuver
14 February 2023
U.S. inflation may not be moderating as quickly as many were expecting.
Fed Seeks to Balance Competing Risks
01 February 2023
Investors face mixed signals between the Federal Reserve’s policy guidance and recent economic developments.
Fed Weighs Stubborn Inflation Against Banking System Stress
23 March 2023
Slower credit growth may curtail broader U.S. economic growth, taking pressure off the Federal Reserve.