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.

Tariffs Create New Central Bank Agendas, While Bank of Japan Faces Fiscal Policy Nightmare

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>European central banks have embraced a more preemptive approach compared to the Fed in responding to the looming arrival of tariffs under the Trump administration.</li>
<li>The Bank of Japan refuses to raise interest rates, despite rising core consumer price inflation, due to uncertainty about tariff negotiations with the US. Quantitative tightening will pared in 2026. </li>
<li>The People’s Bank of China (PBoC) has only modestly lowered policy rates.  The Fed’s future policy rate cuts could determine the timing and scope of future PBoC policy easing.</li>
</ul>


European central banks have embraced a more preemptive approach compared to the Fed in responding to the looming arrival of tariffs under the Trump administration.
The Bank of Japan refuses to raise interest rates, despite rising core consumer price inflation, due to uncertainty about tariff negotiations with the US. Quantitative tightening will pared in 2026. 
The People’s Bank of China (PBoC) has only modestly lowered policy rates.  The Fed’s future policy rate cuts could determine the timing and scope of future PBoC policy easing.


Calm Before the Currency War? Central Banks Go Their Separate Ways