Pantheon Macroeconomics

No one is controlling us or telling us what to write. We are independent and indifferent to market direction, so we give you unbiased economic analysis for each service you subscribe to.

Our subscribers appreciate our candour and rigor, and our willingness to take non-consensus views when our analysis leads us away from the herd.

Founded in 2012 by Ian Shepherdson, a multiple award-winning economist since 1990, Pantheon’s team of award-winning economists provide high quality, actionable macroeconomic analysis for the US, Eurozone, UK, China, Emerging Asia and Latin America.

Pantheon’s clients include investment professionals working in banks, hedge funds, pension funds, insurance companies, family offices, and specialist investors in property and other assets

Ian Shepherdson

Founder, Chairman and Editor-in-Chief

Ian Shepherdson’s mission is to present complex economic ideas in a clear, understandable and actionable manner to financial market professionals. He has worked in and around financial markets for more than 30 years, developing a strong sense of what is important to investors, traders, salespeople and risk managers.

His ability to make robust, non-consensus calls and to defend his views with hard analysis has earned him a consistent following in the markets and plaudits from the media over many years. Dr Shepherdson has been lauded in the New York Times as “consistently right”, and he is a double winner of the Wall Street Journal’s annual US economic forecasting competition.

Dr Shepherdson has been consistently ahead of the pack in predicting major events in the US economy

2022 – Forecast early in the year that the spike in mortgage rates would trigger a huge collapse in housing demand; conventional wisdom was that the market was strong enough to withstand the shock with only a minor correction.
2020 – Forecast that the Fed would begin raising rates in 2022, because Covid vaccines would trigger a much quicker rebound from the pandemic than most analysts expected. At that time, rates were not expected to rise until 2024 or later.

2017 – Forecast that GDP growth would increase as the Fed began to raise rates, because the signal of economic normalization would lift business sentiment, offsetting the cashflow hit from higher interest rates.

2015/16 – Argued that forecasts of recession were mistaken, because the weakness of manufacturing was a specific consequence of the plunge in oil prices, which would not transmit to the broader economy.
2012 – Predicted that the Fed would undertake a third round of quantitative easing, but that it was unnecessary and would not drive growth up to the pre-crash pace.
2010 – Argued that the recovery from the crash of 2008 would be very slow, despite zero interest rates, with the output gap likely not closing for a decade or more.
2005 – One of the first analysts to predict that a crash in the US housing market would drive the economy into recession.
2003 – Warned that the Fed would mistakenly adopt ultra-accommodative policy after the invasion of Iraq, and that this policy would be maintained for too long, eventually leading to inflation pressure.

Before establishing Pantheon Macroeconomics in 2012, Ian Shepherdson was the Chief US Economist for High Frequency Economics. From 1996 to 1998 he was the Chief Economist, USA for HSBC, based in New York. From 1990 through 1996 Ian was based in London, latterly as the Chief UK Economist for HSBC.

Ian earned a PhD in Economics and a BSc in Banking and Finance from Loughborough University.

Samuel Tombs

Chief US Economist

Samuel Tombs heads the U.S. team at Pantheon. Under his stewardship, the U.S. team outperformed the consensus in 2025 with forecasts for market-sensitive private payrolls, and ranked number one among all forecasters on Bloomberg for the headline CPI.

Robert Wood

Chief UK Economist

Robert Wood has more than two decades of experience covering the UK economy at the central bank and for investors. He is known for his strong non-consensus calls, and topped the annual ranking of forecasters for the UK economy compiled by the Sunday Times in 2020 and 2025.

Claus Vistensen

Chief Eurozone Economist

Claus Vistesen has been Chief Eurozone Economist at Pantheon for over 10 years and focuses on the Eurozone, with particular emphasis on the core economies of Germany and France, and on ECB policy.

Duncan Wrigley

Chief China+ Economist

Duncan Wrigley produces the China+ service for Pantheon, covering China, Japan and Korea. He was previously Chief Strategist at Everbright Securities International, with a focus on China economic policy research.

Andres Abadia

Chief Latin America Economist

Andres Abadia joined Pantheon over 10 years ago, after serving as Head of Research and Chief Economist at Arcalia/Bancaja in Madrid, and as an Economist at Ahorro Corporación Financiera.

Miguel Chanco

Chief Emerging Asia Economist

Miguel Chanco produces Pantheon’s Emerging Asia service, having covered several parts of the region for over 15 years. He was previously the Lead Analyst for ASEAN at the Economist Intelligence Unit.

Oliver Allen

Senior US Economist

Oliver joined Pantheon in January 2024 to focus on the US economy. Oliver brings several years’ experience in independent macroeconomic research, previously working as a senior economist at Capital Economics covering global financial markets. He has also worked on the UK economy and commodity markets.

Oliver holds an undergraduate degree in Economics from the University of Leeds and a Master’s degree in Financial Economics from Birkbeck College, University of London.

Elliot Jordan-Doak

Senior UK Economist

Elliott joined Pantheon in April 2024 to cover the UK economy. He has experience working as an economist in both the public and private sectors, as well as in academia. He most recently worked as an economist and policy analyst at the UK Debt Management Office before joining Pantheon, while he was also previously employed as an economist at the Irish Fiscal Advisory Council.

Elliot holds a Master's degree in Economics from Trinity College Dublin and a PhD in Political Economy from Dublin City University.

Melanie Debono

Senior Eurozone Economist

Melanie joined Pantheon in 2021 with nearly a decade’s experience in independent economic research. She focuses on the Eurozone, with particular emphasis on Italy and Spain, and alsocovers Switzerland and SNB policy.

Prior to joining Pantheon, Melanie was Europe Economist at Capital Economics, after internships with the European Commission and the European Parliament.

Melanie holds a Master’s degree from the London School of Economics and a Bachelor’s degree in Economics from Bocconi University in Milan.

She speaks Maltese, English and Italian.

Kelvin Lam

Senior China+ Economist

Kelvin Lam has spent a decade and a half working in financial institutions in London and Hong Kong, focusing on macroeconomic, political and market analysis of China, Hong Kong, Asia and the UK. He is a former Greater China economist with HSBC Global Markets and before that he was a member of the Asia economics team at Citigroup Global Markets in Hong Kong.

Kelvin has earned two Master’s degrees, an MSc in Economics from the University of York and a Master’s in Management from the London School of Economics, as well as a BSc in Economics and Finance from the University of Southampton.

Kelvin is a native speaker of Cantonese and speaks fluent English and Mandarin.

OUR U.S. COVERAGE FOCUSES ON THE KEY DATA WHICH DRIVE FEDERAL RESERVE POLICY DECISIONS. WE TRACK THE LABOR MARKET, INFLATION, ECONOMIC GROWTH AND FINANCIAL MARKET DEVELOPMENTS DAILY, FILTERING OUT THE NOISE FROM THE SIGNAL. WE SET OUT CLEARLY OUR VIEWS ON THE PATH OF THE ECONOMY AND THE FED'S LIKELY RESPONSE.

About Pantheon Macroeconomics

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