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.

SMFG - Least Achieved of FY24 Forecast, With Lowest ROE of Mega's & Less JPY Bond Leverage

It's A Duration Crisis, Not (Yet) A Credit Crisis… Bonds, Not Banks Look Dangerous

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Contrary to expectations following turbulent regional banking events in March, the US economy has surprised to the upside with GDP growth above its potential rate.</li>
<li>The loosening of yield curve control could impact future Japanese participation, but other factors, including US fiscal and monetary policy conduct and exchange rate movements, will also play important roles. </li>
<li>The US Treasury has announced ambitious borrowing plans for 2023 H2, thereby raising concerns about the financial system's ability to easily absorb high debt issuance. </li>
</ul>


Contrary to expectations following turbulent regional banking events in March, the US economy has surprised to the upside with GDP growth above its potential rate.
The loosening of yield curve control could impact future Japanese participation, but other factors, including US fiscal and monetary policy conduct and exchange rate movements, will also play important roles. 
The US Treasury has announced ambitious borrowing plans for 2023 H2, thereby raising concerns about the financial system's ability to easily absorb high debt issuance. 


US Treasuries Outlook: Economic and Policy Risks Remain, While Market Functionality Faces Challenges