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

The Fate of Quantitative Tightening: Not Solely in the Hands of the Fed

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Fed Chairman Powell has been more balanced with his policy outlook rhetoric. The recent easing of financial conditions makes it more difficult to become dovish about imminent policy rate reductions.</li>
<li>The dovish tilt in Fed policy rate expectations has been very bullish for US equities, although the impact on currencies has been somewhat more nuanced, particularly against the euro.</li>
<li>Gold prices are suggesting that easier Fed policy could produce the return of rising inflation. Ideally, the Fed would like to sit on the side lines next year.</li>
</ul>


Fed Chairman Powell has been more balanced with his policy outlook rhetoric. The recent easing of financial conditions makes it more difficult to become dovish about imminent policy rate reductions.
The dovish tilt in Fed policy rate expectations has been very bullish for US equities, although the impact on currencies has been somewhat more nuanced, particularly against the euro.
Gold prices are suggesting that easier Fed policy could produce the return of rising inflation. Ideally, the Fed would like to sit on the side lines next year.


Overdue Reality Check Required? Aggressive Fed Policy Rate Cut Expectations Underpin Risky Assets