Michael Lewis

Expertise: Insights and in-depth data analysis on U.S. economy

Mike Lewis founded Free Market Inc. (FMI) in 1982 as a full-service economic consulting firm, providing insights and in-depth data analysis primarily for institutional money managers and corporate planning directors.

FMI has compiled a solid record of timely, independent and accurate economic forecasts.  FMI blends its unique analysis of indicators and experience with economic cycles into a consistent overall outlook. They offer both a comprehensive overview and in-depth detail that enable clients to integrate FMI’s insights into their decision-making process.

FMI's reports are driven by data releases in the U.S. And here are the major releases that they cover,

Personal Income and Consumption
Employment Reports (BLS and ADP)
Industrial Production
Producer Price Index
Regional Fed Surveys
Retail Sales
Export/Import Prices
Unemployment Insurance Claims
Wholesale Inventories
Rail Traffic
FOMC Minutes
NFIB Small Business Optimism Index
Job Openings and Labor Turnover Survey
International Trade
PMI Surveys
Construction Reports
Pending Home Sales Index
Durable Goods Orders
New Home Sales
Consumer Confidence
Existing Home Sales
Leading Economic Indicators
Consumer Price Index
Housing Starts
Bank Lending and Money Supply
Import-Export Prices
Flow of Funds
US Vehicle Production Schedules

Mr. Lewis earned a Master’s in economics from UCLA and has completed all course work and exams towards a Ph.D. He received a bachelor of science from MIT. Before founding FMI, Mr. Lewis was an economist at Data Resources, Inc. and at Atlantic Richfield Co.  He was Chief Economist at Stein Roe & Farnham from 1978 to 1982 .

His commentaries have appeared in the Wall Street Journal, Barron’s and other publications. A varsity player in college, he has also coached basketball at the junior  college and Division III levels.


Why do we fear deflation? Japan has faced deflation for the past two decades, and its economy has not fallen apart.

Predicting a long slow recovery in 2008



What I Learned:

Biggest worry: Insane Fed policy

April 26, 2019

Core PCE Inflation Lull Should Be Short-Lived

FMI’s commentary on this morning’s “shockingly low” 19Q1 core PCE deflator.

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April 13, 2019

No Danger of a Trump ‘Takeover’ of the Fed

Mike’s commentary on the struggle, or lack thereof, for “partisan” control of the Fed.

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FMI’s analyses of today’s November PMI and October Construction reports.
FMI’s analysis of today’s November Chicago Purchasing Managers Index and other regional surveys, plus our Summary of major data released in November and Schedule of releases for December.
FMI’s analysis of this morning’s November Employment report. Also this morning, wholesale book-value inventories were reported up a brisk +0.8+% for October.
FMI’s analyses of today’s October Durable Goods Orders and October Existing Home Sales reports, as well as our review of the latest Weekly UI Claims data
FMI’s commentary on the continuing economic impacts of the December 2017 tax cut.


Expert Information

Sample Reports


Insights and in-depth data analysis on U.S. economy




Current Experience

President of Free Market Inc.

Past Experience

  • Chief Economist at Stein Roe & Farnham


  • Master’s in economics from UCLA