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 Still Playing Catch-Up By Relying on Policy Gradualism to Tame Inflation

Financial Markets Demand Greater Clarity from the Fed About the Future Path of Interest Rates

Dramatically Rising US Bank Liquidity in 2021: Supportive for Treasuries and Risky Assets

Fed Unperturbed by Equity Market Declines as Housing Cushions the Blow to Households' Net Worth

Hawkish Fed in 2022: Boosting the Importance of Stock Picking as Valuations Receive Less Support

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Investors believe the Fed has fallen behind the inflation curve in early-2022, raising the stakes at the March policy meeting to articulate their policy outlook, including quantitative tightening. </li>
<li>The real federal funds rate will not return to a neutral level in 2022 due to higher-than-desired inflation, which could increase policy mistake risks via overly-zealous tightening measures. </li>
<li>The FOMC is determining an appropriate size of quantitative tightening without impacting the banking system. MBS holdings could be reduced more quickly due to housing sector strength.    </li>
</ul>


Investors believe the Fed has fallen behind the inflation curve in early-2022, raising the stakes at the March policy meeting to articulate their policy outlook, including quantitative tightening. 
The real federal funds rate will not return to a neutral level in 2022 due to higher-than-desired inflation, which could increase policy mistake risks via overly-zealous tightening measures. 
The FOMC is determining an appropriate size of quantitative tightening without impacting the banking system. MBS holdings could be reduced more quickly due to housing sector strength.    


Reaching Neutral Settings for Fed Policy: Littered With Pitfalls in Uncharted Territory