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TS Lombard has a 30 year track record of bold and incisive analysis of Economics, Politics and Markets. This brief video explains how and why our research is unique.
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Steven Blitz

Steven joined TS Lombard in 2017. His professional experience as economist and portfolio manager began in the late 1970s. It includes econometric modelling at Data Resources Inc., creating interest rate and FX derivatives strategies at Salomon Brothers, managing US and global fixed-income portfolios at OFFITBANK, being global head of fixed-income at Lazard Asset Management and, more recently, as Chief Economist at M Science he developed “big data” to underpin his analysis of the economy, central bank policies, and capital market pricing. Aside from his extensive client-facing work, Steven is a well-known commentator on economic and financial issues, is frequently quoted in the financial press, appearing on TV and radio, and writing guest columns for financial publications.
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Recent Posts

Do consumers ever borrow again?

13 Apr 2021 - Steven Blitz

If the coming expansion is to be different from the last one, consumers will boost their borrowing relative to income – and there is good reason to believe they will. If they do, real growth gets a lift and so too.

#Federal Reserve #Inflation #US Economy #Debt #Unemployment

US recession is over - Backwards won't be the way forward

26 Mar 2021 - Steven Blitz

The “non-Covid” recession ended late summer, timed, in part, by the November peak for the number of unemployed not on temporary layoff. What we call the non-Covid recession is simply the downturn that created job losses.

#Federal Reserve #Recession #US Economy #Fiscal Policy #Employment #Recovery

U.S. inflation has to wait

12 Mar 2021 - Steven Blitz

Any inflationary process must wait for short rates to drift above what the Fed pays for bank reserves, until then its price changes inside a post-recession disinflationary trend. February CPI data underscore the.

#Inflation #Quantitative Easing #Recovery

The Fed hits a wall

29 Jan 2021 - Steven Blitz

The Fed may not be out of ammo, but the ammo they have may be futile in curtailing the financial instability that policy is creating. Bitcoin, call-option vigilantes, SPACs and market hype generally were topics the FOMC.

#Federal Reserve #Inflation #US Economy #Yield curve #Bubble

Biden's Inaugural to build populism

20 Jan 2021 - Steven Blitz

Not being Trump is not enough to successfully govern through the next four years, Biden must turn the base that elected him into a base for him. He will have this political challenge in mind as policies are initiated to.

#Populism #US Election #USD

The Fed's Shortened Timeline

12 Nov 2020 - Steven Blitz

The vaccine arrives early 2021, so our growth forecast accelerates as a result, beginning in 2021 Q3, and the timeline for when the Fed first “tightens” shortens. It may seem odd to relay this view just when the.

#Federal Reserve #Monetary Policy #US Economy #Vaccine #Quantitative Easing

The Equity Market is now in charge

09 Nov 2020 - Steven Blitz

Biden won, Trump lost, but lots of Republicans also won, and the October employment data help explain why – the population does not see the economy in crisis. The ongoing recovery in the labour market (906,000 private.

#Federal Reserve #Monetary Policy #Equities #Bond markets #US Economy #US Election

Consumer Confidence Rebound Confounds the Economic Narrative

30 Sep 2020 - Steven Blitz

The rebound in consumer confidence is just one more indication that the usual narrative from high unemployment fails. To be sure, the confidence levels from the summer still project a loss for Trump (as it would for any.

#Equities #Recession #US Economy #Unemployment #Labour Market

August Unemployment – The Recession Begins to Emerge

04 Sep 2020 - Steven Blitz

Not that one could tell that from the strong headline job gains, but remember the critical aspect of understanding the economy’s dynamics is that there is the mandated shutdown and reopening overwhelming the data – and.

#Recession #US Economy #Unemployment

Republicans set to party like its 1968

27 Aug 2020 - Steven Blitz

Markets focus on comparative tax policies, but this election is about raising fear among the electorate in order to drive voter turnout – fear will determine the outcome. The ability to convert voters is so small.

#US Election

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