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.

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

US Banks -  Snapshots Ahead of 3Q23 Results

China and the US: Both Economies Addicted to Stimulus

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>The one-way bet on the yuan that prevailed before 2015 no longer exists, while reducing higher two-way exchange rate volatility will become a major objective for the PBoC.</li>
<li>Concerns about economic and financial affairs in China could potentially trigger a scramble for dollars that could force the Fed to offer liquidity swaps to avoid tightening financial conditions. </li>
<li>Yields on US Treasuries have risen due to higher economic growth expectations and ambitious federal government borrowing. Heavy reliance on bill issuance aims to mitigate the fallout on risky assets. </li>
</ul>


The one-way bet on the yuan that prevailed before 2015 no longer exists, while reducing higher two-way exchange rate volatility will become a major objective for the PBoC.
Concerns about economic and financial affairs in China could potentially trigger a scramble for dollars that could force the Fed to offer liquidity swaps to avoid tightening financial conditions. 
Yields on US Treasuries have risen due to higher economic growth expectations and ambitious federal government borrowing. Heavy reliance on bill issuance aims to mitigate the fallout on risky assets. 


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