NEWPORT BEACH, CA--(MARKET WIRE)--Jan 21, 2008 -- PIMCO Fed Watcher, Paul McCulley, today called for the Fed to lower rates now rather than wait for its next scheduled meeting. "Sometimes when you are ill, you make an appointment with your doctor; other times, you go straight to the emergency room. Now is one of those other times. The Fed must cut immediately and aggressively for the health of the economy."

About PIMCO

With more than $721 billion in fixed-income assets under management in the US, PIMCO is one of the world's leading fixed-income fund-management companies. Founded in 1971 and based in Newport Beach, California, the company is majority owned by Munich-based Allianz Group, a leading global insurance company with nearly $1 trillion in assets and represented in 70 countries around the globe.

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