Political Economist

Marc Chandler has been covering the global capital markets in one fashion or another for more than 25 years, working at economic consulting firms and global investment banks.

Chandler attended North Central College for undergraduate work, where he majored in political science and the ... more

ALL CONTRIBUTIONS

Markets Are Eerily Calm
There is an eerie calm over in the capital market through the European morning today despite some ostensibly worrisome developments.
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The Death Of A Business Cycle
How do business cycles end? In the US, conventional wisdom is that they are murdered by the Federal Reserve.
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New Phase Begins With UK Vote
Several of the equity benchmarks are flirting with six-week highs, including MSCI Asia Pacific Index and the Emerging Markets Index.
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Dismal Chinese Trade Data Sets Tone
China's exports and imports were weaker than expected, though the trade surplus swelled to its widest in a couple of years. The implications have undermined equities and weighed on risk appetites more broadly.
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Europe Moves To The Center Ring
From US/China, the focus in the week ahead shifts to Europe, and the outlook is not good.
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Trade Optimism And The Recovery In Oil Boosts Risk Appetites
Optimism on trade talks between the US and China coupled with the biggest rally in WTI in two years (11%+) have helped keep the equity market recovery intact.
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Comments

Latest Comments
Some Thoughts On What Is Happening
18 days ago

I do not think #Powell broke fresh ground indicating that the balance sheet reduction was on autopilot. The #Fed has intimated it before. It indicated that the balance sheet is not long a policy signal and that its reduction was technical in nature and would continue unless, the Fed approached the zero- bound again.

I also disagree about transparency being oversold. Given the immense power of the Fed and its relative insulation, transparency it seems to me, is integral to its accountability What is it doing and why? I get strategic ambiguity and can accept temporal inconsistencies, but I for one am happy that the purposeful obfuscation of the #Greenspan era is over--that "Secrets of the Temple" is a period piece. The system evolves.

Market Shrugs Off Latest US Tariff Provocation
1 month ago

Yes. Thank you. Deflation in goods and maybe not all goods but some. Not services, and as you know American households spend more on services than goods. Also, if inflation/deflation refers to general price levels, the idea that US auto sector has excess capacity could be expressed as a relative price change rather than general price change.

Trump As First Post-Cold War President And The Dollar
5 months ago

Ian Bremmer ( ianbremmer) tweeted at 0:51 PM on Sun, Jul 22, 2018:

So far this year, US special operations forces have carried out missions in 133 countries.

With little transparency or oversight from elected officials.

(twitter.com/.../1021075341014691840?s=03)

If There Is One Thing Investors And Foreign Officials Should Know About The US...
1 year ago

Thanks Gary. Yes, you might be right. I tend to think of foreign economic policy as a subset of foreign policy. And one of my points is that Trump Admin has both free-traders and protectionists. I don't think the message is autarky. I think that what is emerging is lobbying the multilateral institutions to better enforce current rules. The president and the executive branch has limited ability to raise tariffs without Congress. There are some thing Trump can do if he says there is a balance of payments crisis, which would be hard to substantiate. Time will tell which wing of the administration carries the day. I think Mnuchin's comments today give sign that the internationalist wing may come out on top, while the other wing gets to pursue the domestic agenda.

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Marc Chandler Commented on Some Thoughts On What Is Happening:

I do not think #Powell broke fresh ground indicating that the balance sheet reduction was on autopilot. The #Fed has intimated it before. It indicated that the balance sheet is not long a policy signal...

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Work Experience

Global Head of Currency Strategy
Brown Brothers Harriman
October 2005 - Present (13 years 6 months)
Extensive and regular public speaking and media exposure including FT, CNBC, Global Finance, Bloomberg Radio and TV, New York Times, Wall Street Journal, Euromoney, FX Week, The Street, Market Watch, Barrons, Businessweek, NPR, Forbes, CNN, and International Treasurer.
Chief Currency Strategist
HSBC
May 2001 - October 2004 (3 years 6 months)
Developed a team of New York based analysts to provide commentary and trading strategists for OECD and emerging market currencies. Facilitated internal risk-taking and supported sales efforts. Broadened and deepened client relationships through customized reports, strategies, and presentations.
Chief Currency Strategist
Mellon Bank
May 1999 - May 2001 (2 years 1 month)
Provided short and medium term analysis of developed and developing economies, currencies, and interest rates. Supported sales and trading in Pittsburgh, Boston, and London. Served on management investment committee and developed extensive corporate and custodial client contact.
Senior Strategist
Deutsche Morgan Grenfell
April 1995 - November 1998 (3 years 8 months)
Responsible for short term analysis and commentary on international currency and interest rate developments for the foreign exchange trading and sales forece. Worked directly with clients on strategy development. Contributed to internal and industry publications. Commanded high profile in the financial media and presented frequently before business groups and industry conferences.
Director of Research & Portfolio Manager
Ezra Zask Associates
August 1993 - March 1995 (1 year 8 months)
Member of managing committee for financial and commodity hedge fund. Developed trading strategies, interacted with outside managers, created and traded interest rate program, and assisted in execution of trading strategies in the foreign exchange portfolio. Designed and directed fundamental, technical, and quantitative research projects.

Education

University of Pittsburgh
Masters
1984 / 1985
Public and International Affairs, International Political Economy
Northern Illinois University
Masters
1982 / 1984
American History
North Central College
Bachelor of Arts
1979 / 1982
Political Science & Humanities

Publications

Making Sense of The Dollar: Exposing Dangerous Myths about Trade and Foreign Exchange
Marc Chandler
Bloomberg Press
08/19/2009
Has the greenback really lost its preeminent place in the world? Not according to currency expert Marc Chandler, who explains why so many are—wrongly—pessimistic about both the dollar and the U.S. economy. Making Sense of the Dollar explores the many factors—trade deficits, the dollar’s role in the world, globalization, capitalism, and more—that affect the dollar and the U.S. economy and lead to the inescapable conclusion that both are much stronger than many people suppose. Marc Chandler has been covering the global capital markets for twenty years as a foreign exchange strategist for several Wall Street firms. He is one of the most widely respected and quoted currency experts today.
Marc to Market:Breaking Down and Making Sense of Global Capital Markets
Marc Chandler
Marc Chandler
Global capital markets analysis and commentary blog with over 45,000 hits monthly. Featured on Seeking Alpha, Business Insider, FT Alphaville, ForexPros, Credit Writedowns, Zero Hedge, and The Street.