Joachim Fels is a managing director and global economic advisor based in the Newport Beach office at PIMCO.

  • The longer US wage growth stays low the more problems it creates for the Federal Reserve
  • US turndown in inflation likely to last
  • Fed may not raise rates one more time in 2017, says low inflation may halt any more rate hikes this year
  • Risk is Federal Reserve cements low inflation expectations


  • Yellen is likely to reiterate Federal Reserve's recent policy message
  • Sees risk of more upheaval in bonds and risk assets
  • Bond mkt to remain range-bound this year, not at the start of a bond bear market
  • 2.5% is fair for US 10 year notes

Fels interviewed by Bloomberg on Bloomberg TV. Here are a couple of clips:

more to come