David Blitzer

Chairman of the Index Committee
S&P Dow Jones Indices
Biography

David M. Blitzer is managing director and chairman of the Index Committee with overall responsibility for index security selection, as well as index analysis and management.

Prior to becoming Chairman of the Index Committee, Dr. Blitzer was Standard & Poor’s Chief Economist.  Before joining Standard & Poor's, he was Corporate Economist at The McGraw-Hill Companies, S&P's parent corporation.  Prior to that, he was a Senior Economic Analyst with National Economic Research Associates, Inc. and did consulting work for various government and private sector agencies including the New Jersey Department of Environmental Protection, the National Commission on Materials Policy and Natural Resources Defense Council.

Dr. Blitzer is the author of Outpacing the Pros: Using Indices to Beat Wall Street’s Savviest Money Managers, (McGraw-Hill, 2001) and What’s the Economy Trying to Tell You? Everyone’s Guide to Understanding and Profiting from the Economy, (McGraw-Hill, 1997).  In the year 2000, Dr. Blitzer was named to SmartMoney magazine’s distinguished list of the 30 most influential people in the world of investing, which ranked him seventh, and in the year 1998, Dr. Blitzer was named the nation’s top economist, receiving the Blue Chip Economic Forecasting Award for most accurately predicting the country’s leading economic indicators for four years in a row.  A well-known speaker at investing and indexing conferences, Dr. Blitzer is often quoted in the national business press, including the New York Times, Wall Street Journal, USA Today, Financial Times, and various other financial and industry publications.  He is frequently heard on local and national television and radio.

A graduate of Cornell University with a B.S. in engineering, Dr. Blitzer received his M.A. in economics from the George Washington University and his Ph.D. in economics from Columbia University.

Author Archives: David Blitzer

Double Dose of the Fed

Next week will be a double dose of Fed speculation and debate. First, on Wednesday at 2 PM the Fed will release the minutes from the last FOMC meeting on July 29th-30th.  Then on Thursday evening, Friday and Saturday the Kansas City Fed will hold its annual economic policy symposium in Jackson Hole Wyoming.   The symposium usually attracts a who’s-who of international monetary policy and central banking.  While the topic for this year, “Re-Evaluating Labor Market Dynamics” has been announced, Read more [...]

Inside the S&P 500: An Active Committee

The S&P 500 is maintained by a committee of market professionals.  We publish a detailed methodology document which includes guidelines for selecting stocks and other changes to the index.   Unlike many other S&P Dow Jones Indices and the majority of indices offered by other index providers,  there are no rigid or absolute rules for the S&P 500; the Index Committee have some discretion in selecting stocks or responding to market events. People ask why we have a committee when other Read more [...]

Why So Many Worry About Inflation

Inflation fears are everywhere except in the data.  While the Fed keeps reminding us that the inflation rate is below their 2% target, analysts keep arguing that the Fed will be miss signs of inflation.  Any hint of rising prices anywhere – from the CPI to oil to the money supply – is highlighted while reports of little change are ignored.  Is there actually less threat of inflation than most perceive? Why do so many investors expect inflation to appear any moment? The numbers: The latest Read more [...]

July 31st: More Sellers than Buyers

Stocks closed down today with the S&P 500 and the Dow Jones Industrials both down 1.8% despite yesterday’s stronger-than-expected GDP report, numerous earnings reports which beat Street expectations and no hints of early interest rate moves from the Fed.  Bearish or negative news stories weren’t much different from the day or week before – unrest in the Middle East, sanctions on Russia in response to fighting in the Ukraine and an on-going argument between Argentina and a hedge fund over Read more [...]

Big Week for Economic Numbers and the Fed

By lunch time next Friday (August 1st) we will have many more numbers about the economy, maybe we will know more about the economy.   The week starts slow with pending home sales on Monday, likely to show that sales of existing home are okay. Tuesday brings the S&P/Case-Shiller Home Price Indices; recent months revealed that the pace of price increases is slowing.  After warming up with two days of data, Wednesday brings second quarter GDP and the Fed’s announcement following its two day Read more [...]

Don’t Doubt the Economy

Amidst the worries over some future Fed tightening, misplaced angst about inflation and chatter about the S&P 500 touching 2000, investors seem to be ignoring a few reliable economic indicators.  One of the more consistent signs is the weekly initial unemployment claims report – people applying for unemployment insurance.  The news is good and the economy is strong. The chart shows a four week moving average to smooth out a few bumps and some noise. The pattern is clear all the way Read more [...]

Fed Policy and Congress: Janet Yellen Speaks

Fed Chair Janet Yellen testifies on Tuesday and Wednesday this week to House and Senate Committees as part of the Fed’s mid-year report on monetary policy.  Last week’s release of the FOMC minutes from the June 17-18 meeting set the stage for this week’s testimony and questions.   The big question -- when will the Fed begin raising interest rates – won’t get an answer from Mrs. Yellen.  The consensus guess is mid-2015; since the release of the minutes and the May employment report many Read more [...]

No Place to Hide? Consider Cash

Today’s New York Times headlined an article, “The Everything Boom: How it Might End” (here) pointing out that prices in almost every asset class have reached stratospheric levels driven by low interest rates and easy money.  The article suggests three ways the boom might end: The good where the economy grows into currently high asset values and interest rates slowly rise; the bad where the economy stagnates and investment returns fade towards zero; or, the ugly where inflation or some crisis Read more [...]

The Mind of the Fed

The saying goes, “if the only tool you have is a hammer, everything looks like a nail.”  That is the difficulty Fed chair Janet Yellen sees in monetary policy: if the only tool is raising or lowering interest rates, then everything – bubbles, inflation, unemployment, excessive risks, yield hunting or systemically important financial institutions – looks like nails.  In a lecture at the IMF earlier this week (here), Mrs. Yellen answered questions about future bubbles and rate increases by Read more [...]

Euphoria vs. Anxiety

A heavy weight battle over economic policy and financial markets is brewing between the Bank for International Settlements (BIS) in one corner and the International Monetary Fund (IMF) in the other. Meanwhile the world’s major central banks may be lining up on one side or the other with the Bank of England (BOE) moving towards the BIS and the European Central Bank (ECB) drifting closer to the IMF. The Bank of Japan (BOJ), having embraced Abenomics, is ahead of the IMF.  The Federal Reserve appears Read more [...]