Ray is co-founder and managing director of Stone & McCarthy Research Associates (SMRA), a global economic and financial market research firm headquartered in Princeton NJ. Prior to forming SMRA in 1989, Ray was the Director of Global Fixed Income and Economic Research at Merrill Lynch and earlier had served as the firm's Chief Financial Economist. Ray's Philadelphia roots run deep as his first entry into the private sector was as an economist with the Fidelity Bank in Philadelphia. Ray Stone has served as the President of the Money Marketeers of NYU, the forecasting chair of the Downtown Economist Club, and a former President of the Princeton Financial Markets Society. Ray has been active in economic education, and was recognized in 2004 for his contributions on this front as an inductee into the Federal Reserve Bank of New York's "Fed Challenge Hall of Fame". He has testified before Congress on the conduct of monetary policy, and has served as an advisor to the U.S. Department of Commerce on improving economic statistics.