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.

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>The bulk of maturing corporate debt in 2023 is investment grade (IG), but speculative borrowers will begin to refinance debt due in 2025 later this year.</li>
<li>Lingering uncertainty over US monetary policy should favour IG bonds over SG, but SG bonds have benefitted from supply shortages due to various primary markets shutting down during 2022.</li>
<li>Fed Chair Powell believes policy has reached restrictive territory. Markets are discounting a policy rate cut in November, but the arrival of sticky inflation could easily prevent this optimistic outcome.</li>
</ul>


The bulk of maturing corporate debt in 2023 is investment grade (IG), but speculative borrowers will begin to refinance debt due in 2025 later this year.
Lingering uncertainty over US monetary policy should favour IG bonds over SG, but SG bonds have benefitted from supply shortages due to various primary markets shutting down during 2022.
Fed Chair Powell believes policy has reached restrictive territory. Markets are discounting a policy rate cut in November, but the arrival of sticky inflation could easily prevent this optimistic outcome.


Credit Markets and Risky Assets: Placing Bets on Fed Easing After Bifurcated 2022