Ep. 368: Richard Clarida on the Warsh Fed, the AI Capex Boom, and Global Economic Fragmentation

Dr Clarida is a managing director and global economic advisor at PIMCO. 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. Richard is also Professor of Economics and International Affairs at Columbia University. Before 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 PhD and a master's degree in economics from Harvard University. He received an undergraduate degree with Bronze Tablet Honors from the University of Illinois. In this podcast, we discuss:
Clarida's Macro Origin Story
Global Economic Resilience
The AI Capex Boom
Labour's Declining Income Share
The "Warsh Fed" Doctrine
Revisiting Forward Guidance
AI's Impact on Productivity and R-star
The Era of Global Fragmentation
Optimism for the Next Generation

You can follow Richard on LinkedIn as well as the PIMCO website.