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.

US Banking System Survives Treasury's First Borrowing Binge, but Liquidity Concerns for 2024 Linger

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

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

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Excessive reliance on T-bill issuance by the Treasury reflects a form of yield curve control to prevent a higher term premium from damaging US financial conditions.</li>
<li>The impact of higher borrowing on bank reserves has been reduced by the return of money market funds as investors and their lower participation in the Fed's Reverse Repo Programme.</li>
<li>Persistently high government borrowing for geopolitical conflicts will raise the real return demanded by Treasury investors, because defence spending does not beneficially impact the supply-side of the economy.</li>
</ul>


Excessive reliance on T-bill issuance by the Treasury reflects a form of yield curve control to prevent a higher term premium from damaging US financial conditions.
The impact of higher borrowing on bank reserves has been reduced by the return of money market funds as investors and their lower participation in the Fed's Reverse Repo Programme.
Persistently high government borrowing for geopolitical conflicts will raise the real return demanded by Treasury investors, because defence spending does not beneficially impact the supply-side of the economy.


US Treasury Continues Yield Curve Control as Short-Term Interest Rate Expectations Dip