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.

Debt Ceiling Deal Means Fed Has Less Control Over US Financial Conditions

‘Stealth QE’ Continues At The Fed ... Probably

U.S Debt Watch: Do We Need This Conversation Again?

Fed Policy Outlook: Quantitative Tightening Programme Facing Tough Challenges in 2023

Hawkish Fed Faces New Challenge as US Treasury Examines Ways to Improve Market Liquidity

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Bank reserves have fallen since December 2021 towards the lowest comfortable threshold deemed by the Fed. Renewed Treasury borrowing will intensify the downward pressure in the coming months.</li>
<li>Lower debt issuance by Federal Home Loan Banks in the coming months will help to boost money market funds' participation in the Reverse Repo Programme, thereby reducing bank reserves. </li>
<li>Rising stress in the repo market in September 2019 prompted the Fed to buy T-bills. The Fed could repeat its 2019 response, but this action would not constitute quantitative easing.</li>
</ul>


Bank reserves have fallen since December 2021 towards the lowest comfortable threshold deemed by the Fed. Renewed Treasury borrowing will intensify the downward pressure in the coming months.
Lower debt issuance by Federal Home Loan Banks in the coming months will help to boost money market funds' participation in the Reverse Repo Programme, thereby reducing bank reserves. 
Rising stress in the repo market in September 2019 prompted the Fed to buy T-bills. The Fed could repeat its 2019 response, but this action would not constitute quantitative easing.


Significant Looming Gyrations in US Banking Liquidity as Reserves Approach Key Threshold