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.

Pace of Fed Policy Easing Dependent on Future Labour Market Weakness Impacting Growth

Supportive Backdrop for US Equities, but the Events of 2000 Pose a Warning Against Complacency

Aggressive Start to Fed Policy Easing Cycle Aimed at Reducing Stress at Low Income Consumers?

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>The Fed's policy pivot to concentrate on the labour market reflects the priorities of politicians who view full employment as the more important mandate compared to price stability.</li>
<li>Doubts about the wisdom of the Fed's aggressive policy rate reduction have increased since the release of the September Employment Situation report. Bond investors have demanded a higher term premium.</li>
<li>Surveys on household and business optimism are sending worrying signals.  Fed credibility will face communication challenges as long as forward guidance indicates easier policy but economic outlook risks remain balanced.</li>
</ul>


The Fed's policy pivot to concentrate on the labour market reflects the priorities of politicians who view full employment as the more important mandate compared to price stability.
Doubts about the wisdom of the Fed's aggressive policy rate reduction have increased since the release of the September Employment Situation report. Bond investors have demanded a higher term premium.
Surveys on household and business optimism are sending worrying signals.  Fed credibility will face communication challenges as long as forward guidance indicates easier policy but economic outlook risks remain balanced.


US Treasury Market Questions Fed's Prospective Policy Path