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.

Hawkish Fed in 2022: Boosting the Importance of Stock Picking as Valuations Receive Less Support

Fed Unperturbed by Equity Market Declines as Housing Cushions the Blow to Households' Net Worth

Fed's Inflation Credibility: Facing the Sternest of Tests in 2022 as Inflationary Psychology Rises

Fed's Transient Inflation Thesis Facing Numerous Tests as Role of Excess Demand Downplayed

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>The Fed was unable to avoid pivoting more hawkishly due to elevated inflation. Economic growth will be stronger than previously envisaged next year, thereby justifying the Fed's policy outlook.</li>
<li>The omicron variant of COVID-19 introduces economic uncertainty but also policy conduct optionality for the Fed. Policy could be put on hold while its impact is properly assessed.</li>
<li>Moderate Democrats have criticised the Fed for their inaction against rising inflation, fearing more drastic action will eventually be needed in the run-up to next year's mid-term elections</li>
</ul>


The Fed was unable to avoid pivoting more hawkishly due to elevated inflation. Economic growth will be stronger than previously envisaged next year, thereby justifying the Fed's policy outlook.
The omicron variant of COVID-19 introduces economic uncertainty but also policy conduct optionality for the Fed. Policy could be put on hold while its impact is properly assessed.
Moderate Democrats have criticised the Fed for their inaction against rising inflation, fearing more drastic action will eventually be needed in the run-up to next year's mid-term elections


Fed’s Hawkish Pivot: Heavily Dependent on Economic Outcomes Matching Forecasts