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

Cross Asset Strategy

<ul>
<li>US monetary policy conduct remains data dependent following Fed Chairman Powell's dovish pivot. The US dollar has weakened, but the economic growth outlook for 2025 should increasingly drive currency movements.</li>
<li>Dollar weakness could force foreign investors to liquidate positions in US financial markets. High hedging costs have raised the spectre of significantly larger losses for foreign investors. </li>
<li>European private investors have become important marginal buyers of US Treasury securities since early 2023. Higher volatility Treasury yields could occur if foreign hedge funds exit without new marginal buyers.</li>
</ul>


US monetary policy conduct remains data dependent following Fed Chairman Powell's dovish pivot. The US dollar has weakened, but the economic growth outlook for 2025 should increasingly drive currency movements.
Dollar weakness could force foreign investors to liquidate positions in US financial markets. High hedging costs have raised the spectre of significantly larger losses for foreign investors. 
European private investors have become important marginal buyers of US Treasury securities since early 2023. Higher volatility Treasury yields could occur if foreign hedge funds exit without new marginal buyers.


High Foreign Participation Presents Challenges for US Financial Markets Despite Fed Pivot