Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

Concerns About Capital Flight from China Have Not Prevented Higher Real US Treasury Yields

US Banks - Added $122bn Cash In Past 2 Weeks | Loans up $31bn | CRE Loans Down | Deposits up $113bn

US Large Banks - New B/S Data: CRE Craters, MBS Sharp Decline, LLR & Big Fixed Deposits Up+, SE Flat

Stabilising China's Residential Property Market Produces Unintended Consequences

China’s State Capitalism Created Real Estate Excesses and Limits Remedial Options to Reduce Stress

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>US financial markets became too addicted to generous Fed policy support after the global financial crisis (GFC). Post-pandemic economic conditions are very different. Investors need to realistically reset expectations. </li>
<li>Pressure on China's central government to provide economic stimulus will increase as local governments undergo deleveraging after their borrowing binge. Calls for US-style transfer payments to households will be resisted. </li>
<li>Both the US and China have been addicted to stimulus in varying degrees since the GFC, while major future changes in easy policy dependency is probably more likely in China.</li>
</ul>


US financial markets became too addicted to generous Fed policy support after the global financial crisis (GFC). Post-pandemic economic conditions are very different. Investors need to realistically reset expectations. 
Pressure on China's central government to provide economic stimulus will increase as local governments undergo deleveraging after their borrowing binge. Calls for US-style transfer payments to households will be resisted. 
Both the US and China have been addicted to stimulus in varying degrees since the GFC, while major future changes in easy policy dependency is probably more likely in China.


China and the US: Both Economies Addicted to Stimulus