Leadership Team

Douglass

Stephen J. Douglass

Chief Economist

Committees: Member, Global Investment Committee

NISA’s Chief Economist and Global 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

terminal rates

September FOMC: Stand and Deliver

The FOMC raised their policy rate by 25 bps today, by unanimous vote as we expected. Like Volcker, Greenspan, Bernanke, Yellen and Powell before him, Chairman Warsh’s first policy action...

September 2026

average hourly earnings

Strong Payrolls Report Doesn’t Change our Fed Outlook 

August was a strong month for job creation. Nonfarm payrolls increased by 162,000 and the prior two months were revised higher by 55,000 total. Local government education payrolls increased by 42,000 to mostly reverse a decline of 50,000 reported in July. Smoothing...

September 2026