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 Policy Outlook: Markets Face a Summer Tug of War Between Inflation and Growth Fears

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>US financial markets have become fixated with the timing of interest rate cuts by the Fed, but the arrival of economic weakness does not necessarily guarantee easier monetary policy settings.</li>
<li>The importance of spending on services has risen over the past four decades and price stickiness displayed for this component of inflation could repeat itself moving forward.</li>
<li>Price increases since 2020 Q2 have been a major factor behind the sharp recovery in profits, an outcome highly analogous to the inflationary 1970s, involving consequences for equity valuations.</li>
</ul>


US financial markets have become fixated with the timing of interest rate cuts by the Fed, but the arrival of economic weakness does not necessarily guarantee easier monetary policy settings.
The importance of spending on services has risen over the past four decades and price stickiness displayed for this component of inflation could repeat itself moving forward.
Price increases since 2020 Q2 have been a major factor behind the sharp recovery in profits, an outcome highly analogous to the inflationary 1970s, involving consequences for equity valuations.


US Financial Markets Embrace a Fed Policy Pivot as Another Game of Chicken Looms Large