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.

Have Post-2009 Credit Upheavals Imparted Greater US Economic Resilience to Tighter Fed Policy?

US Banking System: Repeat of 2008 Unlikely as Fed Separates Balance Sheet from Interest Rate Policy

Fed Holds Its Nerve, but Banking System Liquidity Issues Persist

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>In contrast to previous Fed tightening cycles, there are fewer signs of private sector balance sheet stress, thereby potentially sowing the seeds for significant stimulus once monetary policy is eased.</li>
<li>US households have delevered, while the prospective onset of lower mortgage rates will boost housing affordability. Companies took advantage of extremely favourable borrowing conditions during the pandemic to refinance debt. </li>
<li>The current real Fed policy rate appears high, but aggressive nominal rate cuts are not in the offing and interest rate futures are now reflecting this baseline outlook.</li>
</ul>


In contrast to previous Fed tightening cycles, there are fewer signs of private sector balance sheet stress, thereby potentially sowing the seeds for significant stimulus once monetary policy is eased.
US households have delevered, while the prospective onset of lower mortgage rates will boost housing affordability. Companies took advantage of extremely favourable borrowing conditions during the pandemic to refinance debt. 
The current real Fed policy rate appears high, but aggressive nominal rate cuts are not in the offing and interest rate futures are now reflecting this baseline outlook.


Healthy Private Sector Balance Sheets Could Limit Scope for Fed Policy Easing