Tiffany Wilding
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Fed officials remain patient, likely awaiting hard evidence of a weaker U.S. labor market before considering rate cuts.
Challenges to Fed Independence
Although President Trump has said he has no intention of firing Fed Chair Powell, the Trump administration may be testing the laws underpinning Fed independence.
The outlook for U.S. growth and inflation hinges on the ability of U.S. supply chains to pivot out of China fairly quickly, a process that won’t be seamless.
Recent market turbulence underscores a shifting global outlook as tariffs usher in a new economic era.
PIMCO Economist Tiffany Wilding shares her analysis of select countries’ fiscal and trade imbalances influencing recent U.S. tariff policy and their implications for inflation and recession risks.
Tariff policies have the potential to drive stagflation in the U.S. and contraction in other countries, and to complicate the Federal Reserve’s monetary decisions.
Seeking Stability
At a time of sweeping geopolitical change and clear challenges for riskier assets, bond markets offer a source of stability.
Mounting risks to growth and inflation have the Federal Reserve taking a cautious approach to monetary policy.
Navigating Global Macro Risks in 2025
Explore the evolving risks and opportunities affecting global growth and inflation in our 2025 outlook with PIMCO economist Tiffany Wilding.