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Tiffany Wilding


Ms. Wilding is a managing director and economist based in the Newport Beach office. She leads PIMCO’s Cyclical Forum, crafts the firm’s outlook for the global economy, and analyzes key macro risks for the firm’s Investment Committee. She also co-chairs the firm’s Americas portfolio committee. Prior to joining PIMCO in 2016, she was the head of global interest rate research at Tudor Investment, responsible for recommending trade ideas based on global macro trends. Previously, she was a U.S. interest rate strategist with Morgan Stanley and a Treasury market policy analyst for the Federal Reserve Bank of New York, where she helped structure and implement the central bank’s response to the 2008 financial crisis. She has 16 years of investment and economics/financial markets experience and holds an MBA in quantitative finance from New York University's Stern School of Business. She received an undergraduate degree from Rhodes College.
Tiffany Wilding
October CPI: Small Surprise, Large Market Reaction
U.S. inflation cooled more than expected, and bond markets rallied, but the Fed is likely to remain in a long pause.
Despite Resilient Data, Fed Signals Prolonged Pause
Tighter financial conditions prompted Federal Reserve officials to take a step back from data dependence, and suggest a higher bar for future hikes.
Inflation Headache Remains for the Fed
The latest inflation report raises the odds of further Federal Reserve action.
Economic and Market Commentary
Post Peak
Our cyclical outlook: Markets appear priced for a benign economic outcome that would be a historical rarity given current conditions. Higher bond yields offer resilience amid increasing risks to the global economy.
Understanding the Rise in Bond Yields: Implications and Opportunities for Investors
The spike in bond yields presents an opportunity for fixed income investors to earn capital gains and diversify portfolios.
Fed Seems Confident in Soft Landing, But We See Risks
The Federal Reserve forecasts only a modest uptick in U.S. unemployment next year as inflation cools, but history and current labor market trends make us less certain.
Fed Cycle Enters Data-Dependence Phase
Amid an outlook for slower growth and more moderate inflation, the Fed shifts to data dependence.
U.S. Inflation Outlook: A Meaningful Shift in the Second Half of 2023
After stubborn U.S. inflation in the first half of 2023 kept the Federal Reserve raising rates, June’s softer inflation report suggests July may mark the end of the hiking cycle.
Rising Macro Risks May Limit Fed From Reaching Its Projected Peak
The Federal Reserve paused in June but raised its estimates for the policy rate later this year. We expect a July increase but remain skeptical about subsequent hikes.