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.

Future Fed Policy Conduct: Time to Eradicate the Secular Stagnation Thesis

Goodbye to Ultra-Low US Short-Term Interest Rates? Financial Markets Well Ahead of the Fed

Hawkish Forward Guidance by Fed Fails to Dampen Bullish Sentiment

The Case for Faster US Economic Growth Underpinned by Resilient Consumers

Controlling US Financial Conditions: Looming Battle Between the Fed and Treasury

US Political Backdrop Raises Risks of Fiscal and Monetary Policies Reflating the Economy

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>The US economy is displaying signs of re-acceleration, thereby delaying any possible return to below-trend growth.  Fed Chairman Powell has reminded investors that monetary policy conduct remains data dependent. </li>
<li>Stronger economic growth will positively impact corporate profit expectations and US equities. Valuations are priced to perfection versus inflation. Prematurely lowering interest rates could provoke an equity market valuation bubble.</li>
<li>Labour market weakness is required for the Fed to invoke easier policy.  The Fed closed opportunities for banks to engage in interest rate arbitrage via the Bank Term Funding Programme.</li>
</ul>


The US economy is displaying signs of re-acceleration, thereby delaying any possible return to below-trend growth.  Fed Chairman Powell has reminded investors that monetary policy conduct remains data dependent. 
Stronger economic growth will positively impact corporate profit expectations and US equities. Valuations are priced to perfection versus inflation. Prematurely lowering interest rates could provoke an equity market valuation bubble.
Labour market weakness is required for the Fed to invoke easier policy.  The Fed closed opportunities for banks to engage in interest rate arbitrage via the Bank Term Funding Programme.


Fed Policy Outlook: Higher for Longer Proves More Durable Than Expected, but US Equities Don't Care