About the author

Daniel Murray

Daniel Murray

Daniel Murray is Deputy CIO & Global Head of Research at EFGAM.

He was previously employed as a Director of Strategy at Russell Investments, before which he worked as a portfolio manager at Merrill Lynch Investment Managers. He began his career at Smithers & Co. Ltd.

He has broad investment experience, having worked as an economist, strategist, asset allocator and portfolio manager with exposure to a broad range of markets, instruments and investment styles.

He has been a CFA charter holder since 2003 and was elected as chair of CFA UK in 2018. Daniel has a BSc Hons Degree in Economics, an MSc in Econometrics and Mathematical Economics and a PhD in Economics. In 2009 he was awarded the CFA UK Wincott Prize.

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Investment Insights • MFN

Deciphering the Fed

The FOMC meeting on 20th March delivered few surprises. However, this is in contrast with the highly uncertain build-up to that meeting that saw rate expectations gyrate wildly. In this Macro Flash Note, Daniel Murray discusses the outcome of that meeting and the Fed’s decision-making process more broadly. A simple framework is proposed for thinking about how the Fed assesses whether or not to change policy, contingent on the two explicit elements of its mandate: inflation and the state of the labour market.

Daniel Murray

2 min read