Bloomberg Economics' Chief US Economist Just Turned From Bearish To Bullish | Anna Wong

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Oct 5, 2025

Join Anna Wong, Chief U.S. Economist at Bloomberg Economics and former advisor to the Federal Reserve and White House, as she reveals her surprising shift from bearish to guardedly bullish on the economy. Anna discusses how easing policy headwinds and upcoming fiscal measures will support growth. She explores the impact of potential inflation and the dynamics of a bifurcated labor market. Plus, hear her insights on how rising growth could affect bond yields and the implications of an evolving market landscape.

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INSIGHT

Growth Could Rebound While Inflation Rises

Wong says the recovery could be V-shaped for some sectors and K-shaped overall, with inflation possibly rising alongside growth.
She estimates core PCE could rise toward about 3.1% next year, stressing uncertainty over bond market reactions.

INSIGHT

Jobless Recovery And The Growth-Bond Link

Wong expects markets to price bonds mainly on growth surprises, not just headline inflation.
She highlights a possible jobless recovery where big firms boost productivity and small firms start hiring, creating a bifurcated labor market.

INSIGHT

Policy Choices Raised Inflation And Hurt The Vulnerable

Wong links policy choices during the pandemic and the Fed's inclusive employment focus to today's sticky services inflation and rising inequality.
She argues well-intentioned transfers and a hot labor market ultimately contributed to higher inflation that hurts lower-income households.

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Much concern has been raised of late about how the economy is slowing and recession risk is rising.But is that really true?Or, could we already be through the worst of things, with the economy strengthening from here?To find out, we have the good fortune to talk today with Dr Anna Wong, Chief U.S. Economist for Bloomberg Economics. Prior to her current role, Anna also worked at the Federal Reserve Board, the White House Council of Economics Advisers, and the U.S. Treasury.In today's discussion, Anna explains why she has recently turned from being bearish (for years) to guardedly bullish.

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