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.

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

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

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

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Fed Chairman Powell's assessment that monetary conditions are restrictive is questionable due to issues surrounding the neutral federal funds rate. Secondary signals of the Fed's policy stance are worth following.</li>
<li>Commodity and risky asset price trends, exchange rate movements and yield curve changes are viewed as secondary indicators of the Fed's policy stance. </li>
<li>Policy is not tight based on commodity and risky asset prices. Exchange rate movements are inconclusive. Yield curve inversion is associated with tight money, but this condition no longer holds. </li>
</ul>


Fed Chairman Powell's assessment that monetary conditions are restrictive is questionable due to issues surrounding the neutral federal funds rate. Secondary signals of the Fed's policy stance are worth following.
Commodity and risky asset price trends, exchange rate movements and yield curve changes are viewed as secondary indicators of the Fed's policy stance. 
Policy is not tight based on commodity and risky asset prices. Exchange rate movements are inconclusive. Yield curve inversion is associated with tight money, but this condition no longer holds. 


Secondary Indicators of Fed Policy Do Not Indicate Overly-Restrictive Stance