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Ward McCarthy

Managing Director and Chief Financial Economist
Jefferies & Company, Inc.

Ward McCarthy

Dr. F. Ward McCarthy joined Jefferies and Company as a managing director and the chief financial economist in the fixed income division in September, 2009.  Ward is responsible for the Jefferies U.S. economic, Federal Reserve, Treasury and fiscal outlook and analysis, and writes daily commentaries on these topics.   He also publishes the weekly Jefferies “Economic and Bond Market Insight” and a monthly chart book for client presentations.

Prior to joining Jefferies, Dr. McCarthy spent twenty years at Stone & McCarthy Research Associates, a firm he co-founded in 1989. Earlier in his career, Ward was also the chief financial economist and manager of government debt research at Merrill Lynch.  Ward was also a senior economist, monetary policy advisor and chief of bank studies at the Federal Reserve Bank of Richmond.

During a career of more than 30 years, Ward has studied and analyzed the dynamics of the relationships between the business cycle, monetary policy, federal debt financing and their effect on the U.S. government debt market and the yield curve.  In 1991, Ward established the well-known Stone & McCarthy Research U.S. Portfolio Manager Survey, which compiles and analyzes changes in investment fund portfolio holdings. 

Dr. McCarthy is a graduate of the Boston Latin School and the University of Massachusetts at Amherst.  He received his doctorate in economics from Rutgers University.