Pantheon Macroeconomics is an independent macroeconomic research firm founded in 2012 by the award-winning British economist Ian Shepherdson. Headquartered in Newcastle upon Tyne, England, with offices in London and New York, the firm publishes subscription-only economic intelligence for financial market professionals, covering the United States, the eurozone, the United Kingdom and Latin America. Its economists are among the most quoted in financial journalism, and its founder is a double winner of the Wall Street Journal's annual US economic forecasting competition.
Founding by Ian Shepherdson
Pantheon Macroeconomics was founded in 2012 by Ian Shepherdson, who set out, in his own words, to create a leading independent macroeconomic research firm for financial markets professionals around the world. Shepherdson came to the venture with a formidable CV: after graduating from Loughborough University with a BSc in Banking and Finance and a PhD in Economics, he spent six years as Chief UK Economist at HSBC, then moved to the United States as the bank's Chief US Economist, before serving as Chief US Economist at the research firm High Frequency Economics.
The decision to found an independent firm reflected Shepherdson's confidence in his forecasting record and his belief that financial-market clients would pay for genuinely independent analysis, free from the institutional constraints of a bank research department. Within a few years Pantheon had established itself as a recognised name in market economics, with a client base spanning banks, hedge funds and asset managers.
Headquarters and Offices
Pantheon Macroeconomics is headquartered in Newcastle upon Tyne in North East England — an unusual base for a firm serving global financial markets, most of whose competitors cluster in London or New York. The Newcastle headquarters reflects Shepherdson's roots and the firm's independent character, demonstrating that top-tier market economics can be produced outside the traditional financial centres.
The firm also maintains an office in London, keeping it close to the City's institutional clients and to the British media that quote its economists, and an office in the New York area — in Valhalla/White Plains — serving its substantial American client base and supporting its US economic coverage. This three-centre structure mirrors the geographic spread of its research: Britain, continental Europe and the United States.
Subscription Research Model
Pantheon publishes independent economic intelligence in the form of daily research products offered by subscription only. Its publications include daily articles and data notes on the US, eurozone and Latin American economies, alongside regular UK coverage — concise, opinionated analysis of economic data releases, central-bank decisions and market-moving developments, written for professional investors who need actionable interpretation quickly.
The firm also offers conference calls for its clients and undertakes speaking engagements, giving subscribers direct access to its economists. The subscription model — rather than reliance on investment-banking revenues — is central to Pantheon's claim to independence: because its income comes from selling research to market professionals, its analysis is not constrained by trading positions or corporate relationships. The firm describes its aim as being the premier provider of unbiased, independent and timely economic intelligence to financial market professionals worldwide.
Geographic Coverage
Pantheon's research covers four major economic areas. Its United States coverage — led by Shepherdson himself — tracks the world's largest economy through labour-market data, inflation, Federal Reserve policy, housing and consumer behaviour. Its eurozone coverage follows the European Central Bank, fiscal developments and the bloc's largest economies. Its UK coverage analyses Bank of England policy, inflation, the labour market and fiscal events. And its Latin American coverage extends the firm's reach into emerging markets.
This coverage map reflects where the firm's clients have the greatest exposure: US monetary policy moves global markets, the eurozone and UK matter for European investors, and Latin America offers growth and yield opportunities. Each region has a dedicated lead economist, giving the research depth and accountability.
Forecasting Track Record
Ian Shepherdson's reputation rests on a long record of accurate forecasting. He was named the Wall Street Journal's US economic forecaster of the year for 2014 — announced in February 2015 — for the second time, having previously won the award for 2003. The Journal's annual survey ranks dozens of professional forecasters on the accuracy of their predictions for growth, inflation, unemployment and interest rates, making a double win a significant achievement.
Shepherdson has been called one of the "best economists in the City" by the London Times and "consistently right" by the New York Times. Among his most notable calls was predicting the US housing crash of 2008 as early as 2005, when he warned that the disparity between property costs and buyer incomes was unsustainable — a forecast that cemented his reputation for independent-minded analysis willing to challenge consensus.
Key Economists
Pantheon has built a team of economists with their own strong forecasting reputations. Samuel Tombs, the firm's Chief UK Economist, topped the annual ranking of forecasters for the UK economy compiled by the Sunday Times in 2014 and 2018, and came joint-top in 2019. Rob Wood, who leads much of the firm's UK analysis, topped the same Sunday Times ranking in 2020 and has earned plaudits for his forecasting of inflation, the housing market, monetary policy and consumer behaviour; he is extensively quoted in the press and has presented at forums including the Bank of England Watchers' Conference.
The wider team includes Claus Vistesen as Chief Eurozone Economist and Andres Abadia as Senior International Economist. In 2024 the firm announced that founder Ian Shepherdson would become chairman, focusing on expanding Pantheon's reach to new markets and clients, with Jonathan Loynes — formerly chief economist and a director at Capital Economics, where he was instrumental in that firm's growth — joining in a senior leadership role. Loynes is also a trustee of the charity Pro Bono Economics.
Media Presence
Pantheon's economists are quoted frequently by the New York Times, the Wall Street Journal, the Times and other major media outlets, making the firm one of the most visible independent research houses in financial journalism. Shepherdson appears regularly on financial television and in market commentary, while Tombs and Wood are go-to sources for British economic stories — on inflation data, Bank of England decisions and Budget analysis.
This media presence serves a dual purpose: it demonstrates the quality of the firm's analysis to prospective subscribers, and it gives Pantheon's economists a public platform that reinforces their authority with existing clients. For journalists, the firm offers what newsrooms value — clear, quotable, opinionated economic analysis from forecasters with proven track records.
Clientele
Pantheon's research is read by banks, hedge funds, pension funds, insurance companies, family offices and specialist investors across public and private markets, property and other asset classes, as well as by public policymakers. This institutional client base reflects the firm's positioning: it does not sell to retail investors or the general public, but to professionals whose decisions move significant capital.
The firm's independence is its core selling point to these clients. In a market where much economic research is produced by institutions with trading or advisory interests, Pantheon's subscription-only model offers analysis whose only master is accuracy — a proposition that has sustained the business for well over a decade and supported its expansion into new markets.
Profile Summary
Pantheon Macroeconomics is an independent macroeconomic research firm founded in 2012 by Ian Shepherdson, headquartered in Newcastle upon Tyne with offices in London and New York. It publishes subscription-only daily research on the US, eurozone, UK and Latin American economies for financial market professionals, and its team includes multiple award-winning forecasters. Shepherdson is a double winner of the Wall Street Journal's US forecasting competition, and colleagues Samuel Tombs and Rob Wood have topped the Sunday Times' UK forecasting rankings. Its official website is pantheonmacro.com, where it provides information about its research products and subscription services.
