Marc Chandler Senior Vice President
New York
  • (212) 493-8800

Marc Chandler joined Brown Brothers Harriman in October 2005 as the Global Head of Currency Strategy. Previously he was the Chief Currency Strategist for HSBC Bank USA and Mellon Bank. A prolific writer and speaker, Chandler's essays have been published in the Financial Times, Barron's, Euromoney, Corporate Finance, and Foreign Affairs. Marc holds a Masters in American history from Northern Illinois University and a Masters in International Political Economy from the University of Pittsburgh. He has taught classes on International Political Economy at New York University since the early 1990s. In 2009, his first book, Making Sense of the Dollar, was published by Bloomberg Press.

Market Commentary

China Returns

China's markets have been closed since the end of September and re-open tomorrow. It is interesting to note what has happened in the global capital markets in the interim.
October 2015

Volkswagen and the Euro: Preliminary Thoughts

The emission scandal at the world's second largest auto maker, Volkswagen, has reportedly "rocked" the German political and business elites. Some have argued that it will rival the refugee challenge for Germany. Others have argued that it is a source of euro weakness.
September 2015

Catalan Election and the Under-Performance of Spain

Catalonia goes to the polls on September 27. Although efforts to hold a referendum on independence was stymied by Madrid, many partisans are claiming the weekend election is precisely such a referendum. Even if this is not legally true, a victory by a coalition of those seeking independence would intensify the confrontation with the federal government, ahead of the national elections that will be held later this year.
September 2015

Last Minute Thoughts on the Federal Reserve

The much awaited FOMC meeting is here. Discussions appear to revolve around two main questions.  What should the Fed do and what will it do?  And the two are often confused.  
September 2015

The Fed: What is Different This Time?

Marc Chandler Discusses the Fed and the ways that this monetary cycle is objectively different than past cycles.
August 2015

Fed Expectations - Surveys and Markets

The Federal Reserve meets in a month.  How should investors measure expectations?
August 2015

Does China Have a Grand Plan for the Yuan?

BBH's Marc Chandler speaks with Bloomberg Markets on the devaluation of the Chinese yuan, developments in Turkey, and the drastic moves in the Russian ruble.
August 2015

Playing a Telephone Game with China: BBH's Marc Chandler on CNBC

BBH's Marc Chandler discusses the impact of recent developments in China and what it means going forward.
August 2015

Why Global Equity Fund Managers will be Watching Alibaba's Earnings

On Wednesday, August 12, Alibaba, one of China's premier internet companies will report its quarterly earnings.  They will command more attention than one might suspect by global fund managers.   
August 2015

Fed Hike Moving into Focus

The Federal Reserve provided limited forward guidance in today's statement, but what they did say is key.
July 2015

BOJ: When All Else Fails, Change the Metric

National consumer prices for June released at the end of the week, the Bank of Japan needs to distinguish the noise from the signal.
July 2015

Draghi--New Meeting, Same Song, but more ELA

Marc Chandler  provides a quick overview of  recent actions taken by Mario Draghi and the European Central Bank.
July 2015

Greece and the Future of Europe

In this edition of MarketView, Marc Chandler takes a look at the impact of the Greek crisis and Germany’s role in the future of the European Project.
July 2015

Four Key Issues in the Week Ahead

Marc Chandler details four key issues influencing the market this week.
July 2015

FAQ: 7 Questions and Answers about Greece and the Referendum

Marc Chandler answers seven commonly asked questions regarding Greece and the Referendum.
June 2015

Is the Market more Confident of BOE Rate Hike than Fed Move?

The UK has reported its highest rise in weekly earnings in four years, causing many to question whether the Bank of England may raise rates earlier than previously anticipated.
June 2015

Are Bunds and Euro Decoupling?

The relationship between German bunds and the euro appears to be decoupling. Marc Chandler offers possible explanations for the decrease in correlation.
June 2015

Japan's Debt Solution: Go for Growth

Marc Chandler outlines what investors should expect from the recently announced fiscal initiatives in Japan.
June 2015

FOMC Sticks to Its Course

The FOMC has left interest rates unchanged and remains on course for a hike later this year. Marc Chandler explains the market reaction and what to expect from the Fed later this year.
June 2015

After Greece, What Keeps the European Officials up at Night?

While Greece's economy continues to be a heavy burden on European officials, Marc Chandler discusses other vital concerns for Europe.
June 2015

Dollar Extends Gains Against the Yen

Marc Chandler explicates the notable changes in the Yen and their significance on the Dollar-Yen relationship.
May 2015

Italy: Political Reform is a Necessary Pre-Condition of Economic Reform

Italy's Prime Minister is pushing through electoral reforms in the hope that it will make for a stronger government going forward. Marc Chandler reviews the reform and provides background on the turmoil of the Italian political system.
May 2015

Notable Developments in Gold

Although the price of gold has remained relatively stable since last year, China, India, and Russia have become increasingly prominent buyers.
April 2015

Moral Hazard Taken Too Far

Marc Chandler argues that there is a link between the terrible human tragedy in the Mediterranean and the ongoing Greek crisis- Europe's over-emphasis on moral hazard. Read more here.
April 2015

Irresistible Force Meets Immovable Object

With Greece expected to submit their fifth round of reforms to the European finance ministers, BBH's Marc Chandler breaks down the expected outcome.
April 2015

ECB Sticks with Strategy

The ECB has opted to stick with its successful strategy of using QE to boost the economy. We summarize Draghi's four key policy points here.
April 2015

Spain may not be Greece, but it is Not the Opposite Either

With Spain's economic growth expected to be among the strongest in the euro area, it is important to note that returning to growth after the crisis may not be sufficient to facilitate political stability.
April 2015

Oil's Travails

Oil prices continue to fluctuate in response to geopolitical factors and shifts in production. Marc Chandler illustrates these dynamics and their correlation with individual currencies.
April 2015

Six Mostly Overlooked Points about the Currency Reserve Data

With the release of the IMF's Fourth Quarter Currency Reserve Data, Marc Chandler describes six important aspects of the data that are often overlooked.
April 2015

The Dollar and Equities Revisited

Correlations between the dollar and equity markets have shifted yet again; Marc Chandler provides an analysis on one of the most important themes in the first quarter.
March 2015

Bloomberg Surveillance featuring Marc Chandler

Marc Chandler discusses dollar dynamics and how they fold into a greater global economy.

March 2015

Ten Things You Need to Know about the Markets

An article addressing ten key stories the global markets will be watching in the days ahead.
March 2015

The Dollar's Near-Term Vulnerability is an Opportunity for Medium and Long Term Investors

Marc Chandler outlines the effects of the FOMC statement and what it could potentially mean for medium and long term investors.
March 2015

Steady Oil Prices and Strong Production Spurs Storage Concerns

In response to the steady decline in oil prices, output is rising faster than demand and the issue of storage capacity has become more salient for investors.
March 2015

Push Back – Costs of Rising Dollar

With numerous companies reporting that the dollar's appreciation has been an important headwind on their earnings, Marc Chandler argues this reasoning should be further analyzed.
February 2015

The Context for Yellen

Testimony by Federal Reserve Chair Yellen is one of the few highlights this week. Rather than articulate new policy, she will focus on explaining the existing policy and remind the market to have patience around rate hikes.
February 2015

Keeping Greece in the Euro is about far more than money

When European leaders talk about Greece, they speak the language of economics. In this opinion piece, first published in the Financial Times, BBH's Marc Chandler argues that they have chosen the wrong lingua franca. Geopolitics, far more than economics, is what is at stake.
February 2015

Still Fishing for a Bottom (to interest rates)

Central banks across Europe are going through yet another major crisis and, contrary to popular belief, zero is no longer the bottom bound for interest rates. Marc Chandler outlines the recent changes, including today's move by the SNB.
February 2015

FAQ – ECB and Greece

With the ECB announcing they are ending their waiver for Greek bonds, the situation in Europe has intensified. Check out this FAQ to learn about the repercussions, potential solutions, and what it all means for the future.
February 2015

For Want of a Nail, the Kingdom was Lost

With fierce negotiations looming regarding Greece’s Eurozone status, Marc Chandler draws parallels with the economic situation in Egypt and argues that negotiating with Greece will ultimately be the less expensive option for the EMU.
February 2015

New Italian Political Drama is about to Begin

Italy’s longest serving president, Giorgio Napolitano, has resigned. In this piece, we discuss Italy’s electoral process and Prime Minister Renzi’s chances of succeeding Napolitano.
January 2015

Maybe the SNB is the Only Real Buyer of the Euro

Data from the Swiss National Bank (SNB) has confirmed what the market has suspected – the SNB intervened in size to defend its cap against the euro last month. Read more on the two key drivers of the increase in reserves.
January 2015

Russia, Oil, China and the Dollar

As the year winds down, the Gordian knot tying Russia, oil prices and China together, is receiving a great deal of attention. In this piece, Marc Chandler unravels some of the confusing twists and turns.
December 2014

The Russian Enigma Unravels

Churchill once described Russian foreign policy as "... a riddle, wrapped in a mystery, inside an enigma." Read here to find out more about Russian national interests and how this might hold the key to understanding its foreign policy.
December 2014

China will adjust monetary policy shortly

China is expected to adjust monetary policy in the near-term, as a recent string of economic data has shown a continued loss of momentum for the economy. Click here to read more about the key developments in China.
December 2014

OPEC RIP? Not So Fast

While many are proclaiming the death of OPEC, we warn investors why they should avoid a premature judgment.
December 2014

Will Greek Political Instability Renew Existential Doubts about EMU?

Regardless of the fact that most global investors have no direct exposure to Greece, the recent developments in the market should worry investors.
December 2014

CNBC Futures Now: Oil's Minsky Moment

Marc Chandler speculates that oil's Minsky Moment is approaching, not because 
of the risk that oil prices will drop significantly in price, but because the market will 
no longer have access to cheap funding.  Check out the video here, or read more 

December 2014

All about Debase: Not

Meghan Trainor tells us it's "All about that bass," but it seems many reporters and analysts have mistaken this for "debase," as in currency wars.
December 2014

FT Markets: American Bulls in Charge

In this spotlight on the US recovery, Marc Chandler credits US policy decisions for the recent dollar strength but warns bullish investors of the strength in consensus.
November 2014

The Bloomberg Advantage on Bloomberg Radio: Is the ECB getting it right?

Mario Draghi announced today the continued expansion of the ECB balance 
sheet, and reiterated there will be more efforts to come. But will it be enough?  
Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman 
discusses with Kathleen Hays on The Bloomberg Advantage.

November 2014

Marc Chandler on Bloomberg TV: Great divergence in global economies

Marc Chandler talks to Bloomberg TV about the outlook for the dollar and yen, and discusses the prospects for Federal Reserve policy and stress tests of European banks.
October 2014

Marc Chandler is featured in Bloomberg Surveillance

BBH Currency Strategy Head, Marc Chandler, discusses the global economic
outlook and currency movements with Bloomberg Radio's Tom Keene.

October 2014

BBH's Marc Chandler on CNBC: Dollar is at a Turning Point

Marc Chandler discusses why he believes the dollar is at a turning point despite continued low market volatility, along with what US investors should watch for in the week and months ahead.
July 2014

What to expect from the US Federal Reserve, European Central Bank, and the Bank of Japan (March 2014)

Marc Chandler, Head of Currency Strategy for BBH, discusses what investors should expect following the US Federal Reserve's March 2014 meeting, what to watch for from the ECB in April, and why the Bank of Japan is likely to ramp up stimulus measures later this year.
March 2014

Marc Chandler on Bloomberg Surveillance

BBH Chief Currency Strategist Marc Chandler covers the globe in his discussion with Tom Keene: from how the ECB should react to the current strength of the Euro, to when the Dollar may finally get some traction, and closing with ideas around the implications of the widening of the USD/CNY band for China's economy.
March 2014

Marc Chandler is featured on Financial Times Authers' Note: Tough Call for ECB

After worry about emerging markets, attention turns to this week’s European Central Bank meeting and US unemployment data. Marc Chandler and John Authers discuss what the ECB should concentrate on and how the Fed will adjust under new leadership.
February 2014

CNBC Exclusive, Marc Chandler on why Turkey is "too little, too late"

On a CNBC Exclusive, Marc Chandler states that Turkey's real interest rates are still too low to attract investors, and to help restore credibility, they should be taking more steps within their own country.
February 2014

Abenomics: Meeting Expectations or Something to be Desired?

Masashi Murata assesses the effectiveness of Abenomics and whether future policy changes will be enough to turn around the Japanese economy.
Quarter 1 2014

2014 Outlook: Annus Not-so-Horribilis

Marc Chandler discusses expectations for Fed tapering, the outlook for the Eurozone, and the continuing changes in Japan.
Quarter 1 2014

CNBC Trading Block: All about Bernanke

With the Fed meeting scheduled for the end of this month, everyone is waiting on Bernanke’s next move. The meeting comes just ahead of an announcement on second quarter GDP which may affect the decisions around QE3.
July 2013

Currency War: The Metaphor that Took on a Life of its Own

Marc Chandler and Alexandra Jostrom discuss the new rules of international engagement and how the term currency war was, arguably, a useful metaphor to illustrate tensions between countries, but that the term took on a life of its own on the international stage.
Issue 1 | 2013

CNBC Squawk Box: Expectations for this week's Fed and ECB meetings

Marc Chandler discusses the upcoming Fed and ECB meetings, including expected reactions to the dollar weakness and likelihood of an ECB rate cut. He also highlights the effect Spanish bonds are having on European equities.
April 2013

CNBC Squawk Box: The Rationale Behind the Gold Sell Off and Japanese Bank Policy

Marc Chandler looks at the global macro economy and outlines the market reaction to the surprising moves of the Japanese Central Bank.
April 2013

CNBC Traders' Buzz: Aggressive BOJ Easing and the Fed's Response to Slow Jobs Data

Marc Chandler, BBH chief currency strategist, discusses the magnitude of Japan's asset purchase program and the Fed's response to a painful US jobs report.
April 2013

What Could Developments in Cyprus Mean for the Global Financial System?

Marc Chandler, BBH chief currency strategist, speaks with John Authers of the Financial Times about what the global financial system looks like a week into the crisis in Cyprus and how the crisis could impact the euro going forward.
March 2013

Could We Have a Two-Euro System?

Marc Chandler, BBH chief currency strategist, discusses the outlook for the euro and whether recent developments in Cyprus could lead to a two-euro system.
March 2013

BBH Investors Roundtable

Chief Investment Strategist Scott Clemons leads a “roundtable” discussion featuring some of our most thoughtful professionals at BBH. Participants in the discussion cover a range of topics including taxes, interest rates, concerns for business owners, Europe, China, energy and housing.
Quarter 4 2012

Second Verse, Different than the First

Marc Chandler and Alexandra Jostrom reflect on global liquidity, and the European economic situation – touching on the effects of growing polarization in French politics, continuing turmoil in Greece, unease over the situation in Italy, Spain and Portugal – and the risk to the global economy emanating from the confrontation with Iran.
Issue 1 2012

Crisis and Instability: Searching for Terra Firma

In September 2011, Europe’s nuclear research organization, European Center for Nuclear Research (CERN), announced that it believes that it has found some sub-atomic particles (neutrinos) that move faster than the speed of light. By Marc Chandler.
Issue 4 2011

Crisis and Instability: Searching for Terra Firma

Last week, Europe’s nuclear research organization, CERN, announced that it believes that it has found some sub-atomic particles (neutrinos) that moved faster than the speed of light.
September 2011

The Ugly Contest Just Got Uglier

Summers are supposed to be fun and relaxing. Not this one. A combination of events in late July and early August 2011 caused market strains that have not been seen since those dark days in the fall of 2008 and winter of 2009. By Marc Chandler .
Issue 3 2011

Special FX: Bretton Woods, R.I.P.

Richard Nixon unilaterally closed the gold window 40 years ago today.. No longer would the U.S. permit other countries to exchange their dollars for gold and by breaking that link, he ended the Bretton Woods international financial regime and ushered floating exchange rates that characterize the modern era.
August 2011

Special FX: Homeland Investment Charade

Republicans and Democrats in the US Congress are having a difficult time agreeing on changing a law that will allow the federal government to pay for what it has already spent.
July 2011

Special FX: China Update: Strong and Fragile

Many seasoned observers exaggerate China. Some do it to demonize it; others to celebrate it. After all, they speak of China as the factory of the world when it is really an assembler rather than producer. Recognizing, as such, its $3 trillion of reserves (and growing), we are told that China is the banker of the world, yet its financial system is fragile. This fragility, in fact, appears to have begun to hamper the projection of China’s financial power in recent weeks.
June 2011