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.

Fed Policy Pivot: Forerunner to Further Capitulation in the Great Game of Chicken?

US Political Backdrop Raises Risks of Fiscal and Monetary Policies Reflating the Economy

Liquidity Outlook Supportive for Risky Assets as Stubborn Yield Curve Inversion Requires Resolution

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Financial markets had been briefly discounting seven reductions in the federal funds rate in 2024, an outcome historically associated with the onset of recessionary conditions.</li>
<li>The prospective path of core inflation in 2024 will have a major impact on the timing and speed of Fed interest rate reductions similar to events in 1992 and 2002.</li>
<li>Investors yearn for the return of easy money and, while the 2024 liquidity backdrop will be supportive for risky assets, the days of beta dominating alpha are numbered. </li>
</ul>


Financial markets had been briefly discounting seven reductions in the federal funds rate in 2024, an outcome historically associated with the onset of recessionary conditions.
The prospective path of core inflation in 2024 will have a major impact on the timing and speed of Fed interest rate reductions similar to events in 1992 and 2002.
Investors yearn for the return of easy money and, while the 2024 liquidity backdrop will be supportive for risky assets, the days of beta dominating alpha are numbered. 


Markets Modestly Reduce the Ante on the Fed but Investors Remain Shackled to Easy Money