Bloomberg Talks Global Economic Advisor at PIMCO & Former Fed Vice Chair Richard Clarida Talks Geopolitical Risk and the Fed
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Mar 25, 2026 
Richard Clarida, Global Economic Advisor at PIMCO and former Federal Reserve vice chair, offers a concise mini bio as a macroeconomist and policymaker. He talks about geopolitical risk and how energy shocks shape Fed decisions. He explores the K-shaped recovery, limits of proactive central banking, and AI’s role in driving physical investment like data centers.
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Low Rates Boost Jobs But Widen The K Shaped Split
- The Fed's low-rate policy supports jobs but increases asset valuations and inequality.
- Richard Clarida explains that cutting rates helps labor markets yet also fuels higher home and stock values, reinforcing a K-shaped economy.
Historical Oil Shocks Guide Fed Response To Geopolitics
- Central banks analyze past oil shocks to assess geopolitical events but must account for a changed US economy.
- Clarida notes the US is now a net energy exporter yet still vulnerable because higher energy prices erode real incomes and raise goods' costs.
Let A Healthy Economy Run Before Tightening Policy
- Step back and let a healthy economy reach its potential before overreacting with policy moves.
- Clarida defends earlier Fed rate cuts and says policymakers should allow full-employment dynamics to play out.