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

The Fed’s new patient approach to raising the federal funds rate will hinge critically on co-operative incoming economic data, notably subdued inflation signals.
Measures of US inflationary expectations remain well-anchored, thereby providing the Federal Open Market Committee (FOMC) with policy breathing space, while labour market conditions will continue to be closely monitored for overheating risks.
US monetary policy requires both nimbleness and flexibility, analogous to the conduct of the 1990s, although the advanced age of the current cycle raises the risks of a policy mistake.
The Fed has effectively been forced by excessive financial market volatility to return to issuing forward guidance, as investors struggle to envisage the return to a normal environment where short-term interest rate volatility is higher compared to long-term yields.
Fed policy adjustment is being complicated by further declines in the term premium demanded by bond investors that simultaneously boosts financial accommodation, supports the real economy and flattens the yield curve.

The Fed’s new patient approach to raising the federal funds rate will hinge critically on co-operative incoming economic data, notably subdued inflation signals.
Measures of US inflationary expectations remain well-anchored, thereby providing the Federal Open Market Committee (FOMC) with policy breathing space, while labour market conditions will continue to be closely monitored for overheating risks.
US monetary policy requires both nimbleness and flexibility, analogous to the conduct of the 1990s, although the advanced age of the current cycle raises the risks of a policy mistake.
The Fed has effectively been forced by excessive financial market volatility to return to issuing forward guidance, as investors struggle to envisage the return to a normal environment where short-term interest rate volatility is higher compared to long-term yields.
Fed policy adjustment is being complicated by further declines in the term premium demanded by bond investors that simultaneously boosts financial accommodation, supports the real economy and flattens the yield curve.

Fed Policy Outlook Gets Even More Complex Due to Multiple Factors