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

Macroeconomics

Financial markets and President Trump have raised the ante on Fed policy conduct, but the clash with the Administration was inevitable given the tighter monetary policy offset to last year’s easing of fiscal policy.
President Trump’s attack on the Fed may indicate broader issues and concerns about the performance of his economic team, notably Treasury Secretary Mnuchin.
Uncertainty about the Administration’s future relations with both the Fed and House of Representatives will remain elevated during 2019, thereby increasing the pressure on the Federal Open Market Committee (FOMC) to assume a greater leadership role in the realm of economic management.
Financial markets have become excessively reliant on crystal-clear guidance from the FOMC since the financial crisis, but policy communication in 2019 will be reset to incorporate flexibility and patience in the realm of future conduct.
US equities have other adverse factors to consider in 2019 apart from Fed policy, but lower valuations suggest reduced investor complacency, as well as offering some downside protection.
Recession risks in the US are still manageable due to low inflation and the FOMC’s ability to lower the federal funds due to its past policy actions.

Financial markets and President Trump have raised the ante on Fed policy conduct, but the clash with the Administration was inevitable given the tighter monetary policy offset to last year’s easing of fiscal policy.
President Trump’s attack on the Fed may indicate broader issues and concerns about the performance of his economic team, notably Treasury Secretary Mnuchin.
Uncertainty about the Administration’s future relations with both the Fed and House of Representatives will remain elevated during 2019, thereby increasing the pressure on the Federal Open Market Committee (FOMC) to assume a greater leadership role in the realm of economic management.
Financial markets have become excessively reliant on crystal-clear guidance from the FOMC since the financial crisis, but policy communication in 2019 will be reset to incorporate flexibility and patience in the realm of future conduct.
US equities have other adverse factors to consider in 2019 apart from Fed policy, but lower valuations suggest reduced investor complacency, as well as offering some downside protection.
Recession risks in the US are still manageable due to low inflation and the FOMC’s ability to lower the federal funds due to its past policy actions.

Fed Policy Credibility: Markets and President Trump Pile on the Pressure