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.

Is the Dip a Gift From the Breadth Thrust Gods?

The Most Important Question For Equity Investors: What to Expect in Global Fixed Income in 2023?

Global Liquidity Update – Is US Fed QT Dead?

Hawkish Fed Faces New Challenge as US Treasury Examines Ways to Improve Market Liquidity

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Rising uncertainty about the economic outlook and investors' lack of understanding about quantitative tightening (QT) have raised concerns of unintended and excessive US monetary tightening.</li>
<li>Disintermediation by households is putting downward pressure on bank reserves via direct cash purchases of T-bills due to unattractive returns on certificates of deposits. </li>
<li>The US debt ceiling impasse raises the prospect of QT being neutralised as depletion of the Treasury's General Account at the Fed is offset by an increase in bank reserves. </li>
</ul>


Rising uncertainty about the economic outlook and investors' lack of understanding about quantitative tightening (QT) have raised concerns of unintended and excessive US monetary tightening.
Disintermediation by households is putting downward pressure on bank reserves via direct cash purchases of T-bills due to unattractive returns on certificates of deposits. 
The US debt ceiling impasse raises the prospect of QT being neutralised as depletion of the Treasury's General Account at the Fed is offset by an increase in bank reserves. 


Fed Policy Outlook: Quantitative Tightening Programme Facing Tough Challenges in 2023