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.

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Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<p>Asian countries, notably China, undertook early and drastic measures to curb the spread of the COVID-19 virus, thereby creating hopes that the region would lead the next global economic recovery. Despite resilient labour markets over the past year, reliance on net exports to fuel growth remains excessively high, making it impossible for the region to assume global economic leadership.</p>
<div>The Trump Administration's focus on bilateral relations may linger under President Biden, who will seek to avoid accusations of being ambivalent to the plight of US workers facing foreign competition. President Biden may pressure Asia, notably China, to boost domestic demand to achieve faster growth, but resistance to such pressures by China will make it difficult to justify the abolition of tariffs put into place by the previous Administration.</div>
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<div>The Fed does not target the US dollar exchange rate as an explicit policy objective, although currency markets are closely monitored due to their ability to convey real-time information on financial conditions. Unintended external consequences of US monetary policy conduct on Asia will not concern the Federal Open Market Committee, whose sole focus will be achieving their dual policy goals for unemployment and inflation.</div>
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<div>While China was the only major economy to register positive economic growth last year, the outlook in 2021 will be influenced by events in the service sector. New regional outbreaks of COVID-19 and a hitherto low rate of domestic vaccination could hinder expansion of services. Efforts to rebalance China's economy were suspended last year due to the arrival of aggressive fiscal and monetary measures to combat COVID-19, but efforts to rein back private sector leverage growth will resume and, consequently, create headwinds for economic growth.</div>
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Asian countries, notably China, undertook early and drastic measures to curb the spread of the COVID-19 virus, thereby creating hopes that the region would lead the next global economic recovery. Despite resilient labour markets over the past year, reliance on net exports to fuel growth remains excessively high, making it impossible for the region to assume global economic leadership.
The Trump Administration's focus on bilateral relations may linger under President Biden, who will seek to avoid accusations of being ambivalent to the plight of US workers facing foreign competition. President Biden may pressure Asia, notably China, to boost domestic demand to achieve faster growth, but resistance to such pressures by China will make it difficult to justify the abolition of tariffs put into place by the previous Administration.

The Fed does not target the US dollar exchange rate as an explicit policy objective, although currency markets are closely monitored due to their ability to convey real-time information on financial conditions. Unintended external consequences of US monetary policy conduct on Asia will not concern the Federal Open Market Committee, whose sole focus will be achieving their dual policy goals for unemployment and inflation.


While China was the only major economy to register positive economic growth last year, the outlook in 2021 will be influenced by events in the service sector. New regional outbreaks of COVID-19 and a hitherto low rate of domestic vaccination could hinder expansion of services. Efforts to rebalance China's economy were suspended last year due to the arrival of aggressive fiscal and monetary measures to combat COVID-19, but efforts to rein back private sector leverage growth will resume and, consequently, create headwinds for economic growth.



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