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.

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

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

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

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>The Fed's latest Summary of Economic Projections contained hawkish adjustments to long-term estimates of unemployment and the federal funds rate.  Policy may not have been as tight as previously estimated.</li>
<li>The pressure to ease monetary policy in Canada and the Eurozone was more intense due to the prevalence of much higher levels of unemployment compared to the US.</li>
<li>Risky assets will increasingly discount the arrival of a lower FFR, thereby potentially making Chairman Powell reluctant to be more dovish due to fears about another US equity market bubble.</li>
</ul>


The Fed's latest Summary of Economic Projections contained hawkish adjustments to long-term estimates of unemployment and the federal funds rate.  Policy may not have been as tight as previously estimated.
The pressure to ease monetary policy in Canada and the Eurozone was more intense due to the prevalence of much higher levels of unemployment compared to the US.
Risky assets will increasingly discount the arrival of a lower FFR, thereby potentially making Chairman Powell reluctant to be more dovish due to fears about another US equity market bubble.


Hawkish Forward Guidance by Fed Fails to Dampen Bullish Sentiment