Michael Feroli

Michael Feroli serves as Chief US Economist at JPMorgan Chase, leading the bank's US economic research team. Prior to JPMorgan, he worked at the Federal Reserve Board in Washington DC as an economist, giving him direct experience with how the central bank analyzes economic data and formulates policy. His research focuses on US monetary policy, employment, inflation, and economic growth forecasts. JPMorgan's position as the largest US bank and one of the most active primary dealers in Treasury markets means that Feroli's economic analysis is distributed widely and used by the bank's extensive trading and investment banking operations as well as its institutional clients. His Fed-insider background gives his FOMC analysis particular credibility. His detailed analysis of revisions to employment data and GDP estimates — explaining the statistical reasons why initial data releases differ from final figures — has helped clients distinguish signal from noise in the economic data flow that drives Federal Reserve policy decisions.