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

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

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

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Strong US labour demand suggests Fed tightening has been insufficient to restore price stability. Uncertainty about the US economic policy outlook has produced a rising term premium for US Treasuries.</li>
<li>The falling term premium on US Treasuries after the global financial crisis boosted liquidity in the riskier segments of the capital structure, while any reversion will have adverse implications. </li>
<li>Fears of profligate fiscal policy conduct can boost the term premium, a fear which has arguably raised longer-term Treasury yields in recent weeks along with Fed policy conduct fears.</li>
</ul>


Strong US labour demand suggests Fed tightening has been insufficient to restore price stability. Uncertainty about the US economic policy outlook has produced a rising term premium for US Treasuries.
The falling term premium on US Treasuries after the global financial crisis boosted liquidity in the riskier segments of the capital structure, while any reversion will have adverse implications. 
Fears of profligate fiscal policy conduct can boost the term premium, a fear which has arguably raised longer-term Treasury yields in recent weeks along with Fed policy conduct fears.


US Financial Markets Face Headwinds Due to Rising Term Premium in US Treasuries