By Caity Somers, Marketing and Education Manager, Australian Shareholders’ Association

In celebration of International Women’s Day, we’re proud to spotlight Anna Wong, Chief US Economist for Bloomberg, a key figure in global forecasting and analysis. Her impressive career includes roles at influential institutions such as the Federal Reserve Board, the White House Council of Economic Advisors, and the US Treasury, where her expertise has played a pivotal role in shaping global policy. Recognized by Business Insider in 2023 as one of the “Oracles of Wall Street,” Anna’s work continues to have a lasting impact on the field.

Her journey began with a deep curiosity about global economic events, which led her to earn a PhD in Economics from the University of Chicago. Today, she remains an influential voice in economic thought, known for her bold calls on interest rates and her innovative approach to market research.

In this feature, Anna reflects on her remarkable career, offering insights into leadership, the evolving role of women in economics, and the strategies that have helped her thrive in a traditionally male-dominated industry.

Interview with Anna Wong

1. How did you get started in your career?

In college, I was fascinated by two big macro events of that time: Argentina’s financial crisis and China joining the WTO. I took courses on those topics and did well in them. When I graduated, one of those professors put me in touch with a senior fellow at a think tank on international economics in Washington DC (then Institute for International Economics, now Peterson Institute), and I quickly got a job to work for a former Director for the International Finance Division at the Federal Reserve Board (Ted Truman). That job, and working for Ted, was very formative in my career path down the line.

2. What have been your biggest achievements?

I enjoy writing, be it policy and academic papers, or market research. From my own perspective, the bar for success of any piece of writing is that it generates a high volume of discussion. That means the writing was well read and made people think. In my career, I have written a few pieces that meet that bar. From the perspective of Wall Street, my biggest achievement is probably making a correct and out-of-consensus call back in the summer of 2022 that the Fed would have to raise rates to 5%. At the time, the consensus was thinking the terminal rate would be around 3%. To get that call right, I also forecasted that inflation would elevate – yes, I wasn’t on the “Transitory” team from the get-go.

Wall Street places value on out-of-consensus and correct calls, especially when it comes to matters like what the Fed will do next. But to get Fed calls right, one has to get inflation and employment calls right too.

3. Where do you get your research ideas from?

I read a lot, and I observe what happens around me. When I do that, I ask: what’s the most interesting question here amidst all these noisy headlines? We are inundated by news and information every day, but it’s important to cut through the noise and figure out what question will be most important to answer for the markets.

I have found that being a mother and effectively the purchasing manager of a household does influence the way I forecast and decide on what to write. The accidental byproduct of all those extra responsibilities is that you start to develop some sensitivity toward the pulses of the economy, for example, grocery prices, toys and clothes prices, hotel prices, and supply and demand conditions in the job market (e.g., nannies, yard hands, construction).

4. What are some of the challenges you’ve faced in this industry, and how have your experiences shaped your perspective?

I have always been an oblivious person, and I haven’t personally felt like being a female made a difference in my education (In my PhD program, I was one of only four females in a class of about 26 people) or for most of my career, where I have had several very supportive male mentors.

But I will say that as I became a manager, I have increasingly noticed there is a behavioral difference that seems to correlate with gender. That is, females tend to take longer to become confident about their work – even though the quality of their work is great and on par, if not better. They are also less likely to say no to a difficult task. As a manager, I am increasingly mindful of this.

5. Who or what has been the most influential in shaping your approach to economics and leadership?

It’s important to carefully choose who you work for, especially in the early part of one’s career. For me, I was lucky enough that I worked for economists I greatly admire and learned a lot from. They influenced each of the subsequent steps of my career. I would just name them (I hope they don’t mind): Ted Truman, Brad Setser, Mark Sobel, and Robert Dohner. Each of these individuals fanned and encouraged my intellectual curiosity and gave me space to pursue offbeat research that hadn’t seemed important at the time – a trait I value the most and encourage in my team.

Economists whom I learned a lot from in how to see the world through the lens of economics – just listening to, though not working closely with – include Fred Bergsten, Michael Mussa, and Steve Kamin.

Later in life, my own experience as an economist became more important. None more formative than the year when I was seconded to the White House Council of Economic Advisers in 2019-2020, during the tail end of the trade war and then, the coronavirus outbreak. I learned that many conventional wisdoms we take as truth in the economic profession could just be turned upside down overnight. Also, I had to (and did) forecast the double-digit decline of GDP and double-digit increase in unemployment. So much happened in that one year that it will take a book to explain what I saw. To summarize, that year taught me it’s okay to throw conventional wisdom out the window.

6. In your experience, how can organisations better support women in leadership roles, especially in traditionally male-dominated industries like finance and economics?

To my earlier point, I think there’s an intrinsic tendency for women to present themselves less confidently. In an industry like Wall Street, where risk-taking is valued, the appearance of confidence is an asset. If one is mindful of this differential tendency, the manager may be better able to perceive the substance of the worker.

7. What do you think is the most pressing economic issue today, and how does it disproportionately affect women?

I think declining population growth across developed countries is a problem. The inhibitive childcare costs, as well as career demands for those where money is not of concern, are causing many to delay or forgo having children. Can a woman have children and a career too? Too often, this becomes a hard tradeoff. From a macro perspective, having a lower cost and safety net for childcare could potentially boost fertility rates while increasing labor supply.

8. As a role model for many, what advice would you give to young women pursuing a career in economics or finance?

Work for someone you admire and can learn a lot from, especially early in your career. Project confidence when you’ve done the work. Say yes to answering hard questions when other people would skip over them. On International Women’s Day, we celebrate the remarkable achievements of women like Anna Wong, whose influence is shaping the future of economics, finance, and leadership. Her story serves as a powerful reminder to continue fostering a world where women’s voices are not only heard but valued and empowered to lead with confidence.