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 Equities Outlook: Time for a Reality Check

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Fed Chairman Powell believes that current financial conditions are not tight by historic standards.  Normalising financial conditions could be prolonged due to the low term premium in US Treasuries.</li>
<li>Many investors believe the Fed will be forced to ease policy as tighter settings will eventually imperil financial stability, but high leverage is notably absent at broker-dealers. </li>
<li>Narrow breadth in the S&amp;P500 leadership in 2023 resembles conditions in the late-1990s that masked valuation compression for those constituents that were not market leaders.</li>
</ul>


Fed Chairman Powell believes that current financial conditions are not tight by historic standards.  Normalising financial conditions could be prolonged due to the low term premium in US Treasuries.
Many investors believe the Fed will be forced to ease policy as tighter settings will eventually imperil financial stability, but high leverage is notably absent at broker-dealers. 
Narrow breadth in the S&amp;P500 leadership in 2023 resembles conditions in the late-1990s that masked valuation compression for those constituents that were not market leaders.


Fed Not Concerned About Financial Conditions as US Equity Valuations Resemble Late-1990s