According to Golden Ten, Clarida, global economic adviser to Pacific Investment Management Company (PIMCO) and former vice chairman of the Federal Reserve, said that the company believes that the Federal Reserve will successfully bring inflation back to the 2% target, but it will take some time. He told an event in Frankfurt that it might take a while but progress was significant. Pimco expects the Fed to cut interest rates at least once this year, but is less convinced, Clarida said. He added that the U.S. is on an unsustainable fiscal trajectory but will continue to push problems to the back burner.