David Blitzer

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

David M. Blitzer is Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices (S&P DJI) 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 (now S&P Global), S&P DJI'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 won the 2012 William F. Sharpe Indexing Lifetime Achievement Award. 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 global 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 in the U.S.

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

Replacing LIBOR

LIBOR – the London Interbank Offered Rate — is the benchmark for over $300 trillion of loans, derivatives and other financial instruments.  LIBOR started in the syndicated loan market of the 1960s; today it is quoted in different currencies and maturities. Following scandals in 2012-2013, LIBOR is being replaced and will disappear in 2021. For Read more […]

Sea Change at the Fed

Today’s Fed announcement keeping the Fed funds target range at 2.25% to 2.5% was more than simply leaving rates unchanged for the moment. Behind the headlines are changes in their expectations for inflation and the economy and adjustments in their operating procedures: The FOMC will be patient as it determines what future adjustments to the Read more […]

Watching For Recession

Recent anxiety about an imminent recession sparked discussion of inverted yield curves and falling long term interest rates, The slope of the yield curve – the difference between the yield on the five or 10 year treasury note and a short term instrument like three month T-bills – may signal a recession. The chart shows Read more […]

Recession Chatter

Inspired, or worried, by the stock market there is more and more talk of a recession in 2019. To look past the usual comment that the stock market predicted nine of the last five recessions, a short list of positive and negative signals: Why There Won’t be an Early Recession Economy has momentum, growing faster Read more […]

S&P 500 Drops 90 points

Why? Trade Hopes dashed – It turned out a deal with China wasn’t quite yet a done deal. Politicians should be reminded that markets move much faster than trade negotiations or Congress. Yield Curve approaching inversion – Five-year drops below two-year, but maybe we should wait for the ten year to drop too. Rising Interest Read more […]

Housing Slows

Sales of new and existing single-family homes have fallen since their recent high in November 2017 while pending home sales are flat to down so far this year.  Starts of new single-family homes are volatile but also remain below the peak seen at the end of 2017.  Recent press reports of declining activity in several Read more […]

Hurricanes, Housing and the Fed

With this morning’s S&P Corelogic Case-Shiller Home Price Indices report that house prices continue to rise even as existing home sales flatten out, analysts are debating if the hoped-for recovery from Hurricane Florence could reignite home sales or simply mean upward price pressure on housing and construction. Current damage estimates for Florence are close to Read more […]

Debt and Recovery Ten Years Later

Debt – actually too much debt – played a leading role in the 2008 financial crisis.  A mortgage borrowing binge and a flood of mortgage backed securities set the stage for the collapse of Lehman Brothers and recession that followed. In the immediate aftermath almost every part of the economy went through a period of Read more […]

Why is the GICS Telecommunications Sector Becoming the Communication Services Sector?

With the number of telecom companies shrinking, it is clear that communications is much bigger than telecom – Communication Services includes any content delivered on networks.  The old Telecommunications Sector was vanishing because it was missing new and popular ways people communicate now. GICS – the Global Industry Classification Standard – is widely used to Read more […]

Yield Curve Anxiety

The slope of the yield curve is a good recession predictor. When the curve is inverted – when the yield on three month T-bills is greater than the yield on the ten year T-Note – a recession is imminent. Similar signals can be seen if the T-bill is replaced by a two- or three-year T-Note Read more […]