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

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Geopolitical tensions have undermined confidence in risky assets and reduced liquidity in funding markets. The Fed would normally respond to these, but policy settings are still about to be tightened.</li>
<li>The freezing of Russian central bank assets lowers global liquidity by reducing the supply of dollars in the FX swap market.  Normally, the Fed will respond via currency swap lines.</li>
<li>Funding in commodity markets based on Russian-originated collateral has been impacted by  sanctions, which produce similar outcomes to protectionism. Stagflation is the major challenge for central banks in 2022. </li>
</ul>


Geopolitical tensions have undermined confidence in risky assets and reduced liquidity in funding markets. The Fed would normally respond to these, but policy settings are still about to be tightened.
The freezing of Russian central bank assets lowers global liquidity by reducing the supply of dollars in the FX swap market.  Normally, the Fed will respond via currency swap lines.
Funding in commodity markets based on Russian-originated collateral has been impacted by  sanctions, which produce similar outcomes to protectionism. Stagflation is the major challenge for central banks in 2022. 


Sanctions Reduce Dollar Liquidity and Collateral Quality as Stress Emerges in Funding Markets