Credit Suisse Group AG, one of the 18 primary dealers that trade with the Federal Reserve, said Dana Saporta has joined as a director in U.S. economics from Stone & McCarthy Research Associates.
Saporta has 22 years experience analyzing the U.S. economy, including 14 years as an economist at Stone & McCarthy in Skillman, New Jersey. She reports to chief economist Neal Soss and is based in New York, according to Katherine Herring, a spokeswoman for Credit Suisse. Saporta began work June 30.
In an effort to enhance and broaden the firm’s economics research, Saporta will be specializing in the analysis of Fed policy, money markets and financial flows. Focus on Fed policy has increased since the collapse of the subprime market in 2007 caused the central bank to cut rates to near zero and expand its balance sheet to more than $2 trillion through special programs including purchases of fixed-income securities.
Saporta also worked as an economist at Dresdner Kleinwort and Citigroup Inc.
Primary dealers serve as counterparties for the Fed in open-market operations, the central bank’s mechanism for maintaining its target rate for overnight loans between banks. They are also expected to bid or offer securities when the Treasury sells or buys bills, notes and bonds.