Leadership Team

Douglass Stephen 1645F Jun2022B 540x675 1

Stephen J. Douglass

Chief Economist

Committees: Member, Investment Committee

NISA’s Chief Economist and Investment Committee member, Stephen Douglass, analyzes the global economy, monetary and fiscal policy as well as interest rate markets. He is a thought leader regularly featured on NISA webinars and author of Perspectives, as well as a resource for NISA clients.

Stephen joined NISA in 2016. Prior to that, he was a trader/analyst at the Federal Reserve Bank of New York, where he analyzed U.S. interest rate markets and helped manage the Fed’s multi-trillion dollar portfolio of Treasury securities. He has previous experience as a trader at a multi-strategy hedge fund. Stephen earned a BA in Mathematical Economics from Colgate University, an MBA from INSEAD and an MA in International Economics from Johns Hopkins University School of Advanced International Studies.

To subscribe to Stephen’s and other NISA thought leaders’ content, email [email protected].

Recent Perspectives

China Graph Website

China Can’t Fight the Fed

As often happens when there is an unexplained rise in interest rates, some market participants recently speculated that China has been dumping their Treasury holdings. We continue to believe that...

April 2025

Cumulative Change in Treasury Yields

Last Week’s Treasury Selloff

The rise in long-term Treasury yields last week surprised market participants and may have played a role in President Trump’s decision to temporarily pause the highest tariffs. The price action...

April 2025

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