Terry Belton is managing director, and head of global portfolio strategy for the Chief Investment Office at JPMorgan Chase. He was formerly head of Global Fixed Income and FX Research at JPMorgan, a senior economist for the Federal Home Loan Mortgage Corporation, and an Economist at the Federal Reserve Board in Washington D.C
Belton's work has been published numerous times. Articles he has authored include "Swaps as a Synthetic Asset Class," written with Pavan Wadwha in the Journal of Fixed Income; "The New Breed: Option Adjusted Spreads," published in Secondary Mortgage Markets; and "Market Discipline in Regulating Bank Risk: New Evidence from the Capital Markets," written with Robert B. Avery and Michael A. Goldberg and published in the Journal of Money, Credit and Banking. He is also the author of The Treasury Bond Basis: An In-Depth Analysis for Hedgers, Speculators, and Arbitrageurs written with G. Burghardt.
Belton earned a bachelor's degree from Boston College in 1978. He received a master's degree and a PhD in 1983, both in economics from the University of Michigan.
2016 - 2017 Course Schedule
||Futures, Forwards, Options & Swaps: Theory and Practice
With G. Burghardt, The Treasury Bond Basis, third edition (McGraw Hill, 2005).
With P. Wadhwa, "Swaps as a Synthetic Asset Class," The Journal of Fixed Income (December 2002).
With G. Burghardt, "Volatility Arbitrage in the Treasury Bond Basis," The Journal of Portfolio Management (spring 1993).
With G. Burghardt, M. Lane, G. Luce, and R. McVey, Eurodollar Futures and Options (Probus Publishing, 1991).
With G. Burghardt, "Balancing Act: Hedging the Price Risk in ARMS," Secondary Mortgage Markets (fall 1990).
For a listing of research publications please visit
’s university library listing