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.

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Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

Treasury Secretary Mnuchin was criticised for requesting the return of funds from the Fed from three facilities that were established to bolster financial conditions at the start of the COVID-19 pandemic. Aggregate financial conditions have eased significantly since the start of the pandemic, largely benefiting large firms, and thereby rendering the funds no longer necessary to be held at the Fed.
The Federal Open Market Committee (FOMC) will retain their dovish bias via the prospective alteration of asset purchases, but there is less consensus about the exact structure of any future changes. Fed Chair Powell has repeatedly stressed downside risks to the economic outlook, but his reluctance to ease policy may indicate constraints on how much can effectively be achieved with new measures.
Recent US political events have had little impact on financial conditions, largely due to Wall Street firms embracing bullish scenarios for either election outcome. The speed at which any future tightening of financial conditions occurs will be critical in determining the nature of the Fed's response.
Janet Yellen's prospective appointment to the post of Treasury Secretary in a Biden Administration has been construed bullishly by Wall Street, largely due to her previous experience at the Fed. She may, however, have difficulty reconciling her previous reputation as being a budget deficit hawk in an Administration committed to large fiscal stimulus.

Treasury Secretary Mnuchin was criticised for requesting the return of funds from the Fed from three facilities that were established to bolster financial conditions at the start of the COVID-19 pandemic. Aggregate financial conditions have eased significantly since the start of the pandemic, largely benefiting large firms, and thereby rendering the funds no longer necessary to be held at the Fed.
The Federal Open Market Committee (FOMC) will retain their dovish bias via the prospective alteration of asset purchases, but there is less consensus about the exact structure of any future changes. Fed Chair Powell has repeatedly stressed downside risks to the economic outlook, but his reluctance to ease policy may indicate constraints on how much can effectively be achieved with new measures.
Recent US political events have had little impact on financial conditions, largely due to Wall Street firms embracing bullish scenarios for either election outcome. The speed at which any future tightening of financial conditions occurs will be critical in determining the nature of the Fed's response.
Janet Yellen's prospective appointment to the post of Treasury Secretary in a Biden Administration has been construed bullishly by Wall Street, largely due to her previous experience at the Fed. She may, however, have difficulty reconciling her previous reputation as being a budget deficit hawk in an Administration committed to large fiscal stimulus. 

Equity Bulls Eye New Treasury-Fed Nexus Under Yellen, Despite Rollback of Emergency Facilities