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Jeff Meli Michael Gapen

Episode 12

Jeff Meli in conversation with Michael Gapen

US Fed rate cut - wise economic decision or untimely mistake?

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The US Federal Reserve’s decision to lower interest rates by 25 basis points at the end of July 2019 is the first cut since the height of the financial crisis in December 2008. In its announcement, the Fed cited weaker global growth, elevated policy uncertainty and low inflation as justifications for cutting interest rates. 

In episode 12 of The Flip Side podcast, Jeff Meli, Head of Research, and Michael Gapen, Chief US Economist, debate the wisdom behind the Fed’s reasoning and timing for this rate cut, while addressing whether this action goes far enough to maintain relatively strong levels of economic activity. The analysts also weigh in on the political implications of the decision and potential risks to the Fed’s credibility and independence.

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The Flip Side podcast 

This podcast series features lively debates between Barclays’ Research analysts on important topics facing economies and businesses around the globe.



Q3 2019 Global Outlook: Monetary tide keeps markets afloat 

Barclays Research explains why the recent bond rally does not signal a dire economic outlook. Our analysts expect central bank easing to support markets and recommend global equities over bonds.

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About the analysts

Jeff Meli is Head of Research within the Investment Bank at Barclays. Jeff joined Barclays in 2005 as Head of US Credit Strategy Research. He later became Head of Credit Research. He was most recently Co-Head of FICC Research and Co-Head of Research before being named Head of Research globally. Previously, he worked at Deutsche Bank and JP Morgan, with a focus on structured credit. Jeff has a PhD in Finance from the University of Chicago and an AB in Mathematics from Princeton.

Michael Gapen is Head of US Economics Research at Barclays. Based in New York, he is responsible for the firm’s outlook for the US economy, in particular, US monetary policy and the effect of financial markets on the economy. Prior to taking on this role, Michael was a Senior US Economist and, following his appointment as Asset Allocation Strategist in January 2012, he took on additional responsibility for forming the firm’s asset allocation views. Michael holds a Ph.D. in Economics from Indiana University.

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