Blu Putnam

Chief Economist, CME Group


Bluford (Blu) Putnam has served as Managing Director and Chief Economist of CME Group since May 2011. He is responsible for leading economic analysis on global financial markets by identifying emerging trends, evaluating economic factors and forecasting their impact. Prior to joining CME Group, Putnam gained more than 35 years of experience in the financial services industry with concentrations in central banking, investment research and portfolio management. He has authored five books on international finance.

Negative rates hero

Negative Rates Are Creating a Tax, Not a Stimulus

In 2016, we have seen the Bank of Japan (BoJ) surprise the markets with a move into negative rates for…

China US Partnership

Should China and the U.S. Be Economic Partners?

China’s economy is decelerating and financial and commodity market participants are worried about the prospect of a recession in the…

Fed Rate Hike 1215

What Next, If Fed Hikes Rates in December?

  The message is now more transparent from Federal Reserve Chair Janet Yellen.  In her many speeches of late, she…

US Growth 2015

The Arguments for Abandoning a Zero Rate Policy

  There is a very good probability, perhaps 60 percent, that the Federal Reserve (Fed) will move at its April…


Why the Spectacular Fall in Oil Prices?

There are powerful dynamics impacting the oil and natural gas markets on a global scale.   Our perspective is that the…


FX Volatility and Central Bank Divergence

With former French President Nicolas Sarkozy, former Federal Reserve Chairman Ben Bernanke, and former head of the Bank of England…

Brazil Post-Election

Water, Not Economic Reform, is Brazil’s Next Challenge

  Brazil re-elected incumbent Dilma Rouseff of the Worker’s Party (PT) as its President for the next four years.  The…


Blu Putnam: Abenomics Likely to Disappoint

  A spotlight shines very brightly on Japan at the moment – and especially on Prime Minister Abe – not…


Fed Rate Increase Could Come Sooner Than You Think

If the U.S. economy keeps growing, even modestly in the second half of 2014, and that is very likely, a…

Food Prices and Weather

Food Price Inflation and El Nino

Food price inflation is increasing sharply in the U.S.  Only last December, food prices were just 1.05 percent higher than…

US Budget Deficit

The U.S. Federal Budget Deficit is Shrinking

  The U.S. federal budget has a reasonable probability (our base case scenario) of reaching operational balance – revenues equal…

Emerging Market Currencies 2013

How Emerging Market FX Really Performed in 2013

  The actual performance of key emerging market currencies was much more diverse in 2013 than is often assumed.  Second…