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.

Fed Policy Outlook: Higher for Longer Proves More Durable Than Expected, but US Equities Don't Care

Spendthrift US Fiscal Policy Raises Ante on Fed to Prevent Financial System Liquidity Squeeze

Latest Fed Policy Guidance Signals Green Light for Melt-Up in US Risky Assets

The Fate of Quantitative Tightening: Not Solely in the Hands of the Fed

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>The hawkish tone of Fed Chairman Powell's policy assessment after this week's FOMC meeting surprised investors who had simply been expecting confirmation of a March interest rate reduction.</li>
<li>Investors are bracing for higher issuance of longer-dated Treasury securities.  The detrimental impact of high Treasury borrowing on bank reserves increases pressure on the Fed to taper quantitative tightening. </li>
<li>Financial markets have quickly discounted inflation returning to pre-pandemic levels.  Data dependent monetary policy makes it unlikely the Fed will capitulate to the demands of financial markets for aggressive easing.    </li>
</ul>


The hawkish tone of Fed Chairman Powell's policy assessment after this week's FOMC meeting surprised investors who had simply been expecting confirmation of a March interest rate reduction.
Investors are bracing for higher issuance of longer-dated Treasury securities.  The detrimental impact of high Treasury borrowing on bank reserves increases pressure on the Fed to taper quantitative tightening. 
Financial markets have quickly discounted inflation returning to pre-pandemic levels.  Data dependent monetary policy makes it unlikely the Fed will capitulate to the demands of financial markets for aggressive easing.    


Controlling US Financial Conditions: Looming Battle Between the Fed and Treasury