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 Tapers QT to Pre-Empt Debt Ceiling Increase as Forward Interest Rate Guidance Remains Unchanged

US Tariff Uncertainty Will Be Prolonged, but Markets Expect Easier Global Monetary Policy

Trump 2.0: Transformation and Disruption Present Economic Policy Challenges

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>The mainstream media have focused on the short-term inflationary impact of tariffs, but the longer-term implications are deflationary.  Prevailing conditions are crucial in determining the size of the inflationary impact.  </li>
<li>The US economy and financial markets became addicted to prolonged fiscal and monetary policy profligacy after the COVID-19 pandemic. Government-related employment adjustment has just commenced under the Trump administration.  </li>
<li>Fiscal policy will be tightened in 2026 due to expiring tax provisions passed in 2017. President Trump needs sizeable tariff revenues if their extension is not to jeopardise government finances.</li>
</ul>


The mainstream media have focused on the short-term inflationary impact of tariffs, but the longer-term implications are deflationary.  Prevailing conditions are crucial in determining the size of the inflationary impact.  
The US economy and financial markets became addicted to prolonged fiscal and monetary policy profligacy after the COVID-19 pandemic. Government-related employment adjustment has just commenced under the Trump administration.  
Fiscal policy will be tightened in 2026 due to expiring tax provisions passed in 2017. President Trump needs sizeable tariff revenues if their extension is not to jeopardise government finances.


Trump Administration Begins Weaning US Economy Off Addiction to Fiscal Profligacy