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Experts

Richard Clarida

Global Economic Advisor
Dr. Clarida is a managing director in the New York office and PIMCO's global economic advisor. Prior to rejoining PIMCO in 2022, he was the firm's global strategic advisor from 2006 to 2018. He served as Vice Chairman of the Board of Governors of the U.S. Federal Reserve System from September 2018 to January 2022. Dr. Clarida is also the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University. Prior to joining PIMCO in 2006, he was Assistant Secretary of the Treasury for Economic Policy, in which he served as chief economic advisor to two U.S. Treasury Secretaries. Earlier in his career, he was with Credit Suisse and Grossman Asset Management. He has 26 years of investment experience and holds a Ph.D. and a master's degree in economics from Harvard University. He received an undergraduate degree with Bronze Tablet Honors from the University of Illinois.
Economic and Market Commentary

In his annual Jackson Hole speech, Fed Chair Powell assessed the post-pandemic U.S. economy and suggested rate cuts are coming soon.

Economic and Market Commentary

In the post-pandemic fiscal landscape, government debt trajectories may be volatile, but appear broadly sustainable.

Economic and Market Commentary

Explore key themes from our Secular Outlook, including fiscal policy, geopolitical risks, AI, and upcoming elections, and learn how these factors could shape the future of fixed income markets.

Economic and Market Commentary

Discover how starting yields in high-quality fixed income can set a solid foundation for multi-year returns and how active management works to boost these yields even further.

Economic and Market Commentary

PIMCO leverages its deep understanding of macroeconomics, policy, and industry nuance to construct portfolios primed to uncover opportunity and manage risks.

Economic and Market Commentary

A timely discussion on the term premium, which may be signaling the possibility of rising compensation for bond investors as the yield curve potentially re-steepens.

Secular Outlook

The post-pandemic inflation shock and rate-hiking cycle produced a generational reset higher in bond yields, creating a compelling multiyear outlook for fixed income as inflation recedes and risks build in other markets.

Economic and Market Commentary

Various methods to estimate this key bond market gauge differ on details but appear to signal rising investor compensation.

Economic and Market Commentary

Recent signals from major central banks suggest challenges ahead with easing monetary policy amid above-target inflation.

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