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

<ul>
<li>The Fed's plans to shrink its balance sheet will accelerate this month. Investors should be wary of changes in US financial conditions as the Fed reduces its holdings of securities. </li>
<li>The Fed estimates that a $2.5 trillion reduction in assets by 2024 Q3 will be equivalent to a 50 basis points increase in the federal funds rate. </li>
<li>Quantitative tightening will be gradual and the Fed's balance sheet will not return its pre-pandemic level, but the timing of its cessation depends on success in restoring price stability.</li>
</ul>


The Fed's plans to shrink its balance sheet will accelerate this month. Investors should be wary of changes in US financial conditions as the Fed reduces its holdings of securities. 
The Fed estimates that a $2.5 trillion reduction in assets by 2024 Q3 will be equivalent to a 50 basis points increase in the federal funds rate. 
Quantitative tightening will be gradual and the Fed's balance sheet will not return its pre-pandemic level, but the timing of its cessation depends on success in restoring price stability.


Fed’s Quantitative Tightening Plans: No Quick Return to Pre-Pandemic Balance Sheet