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.

Fed's New Chairman: Expect Gradual Changes to Policy Communication and Balance Sheet Management

Further Fed Balance Sheet Shrinkage: Technically Difficult Without Regulatory Reforms

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Despite the hawkish pivot in June, the FOMC left its policy rate unchanged after its latest meeting. Chairman Warsh failed to define price stability convincingly, scaring Treasury bond investors.</li>
<li>Under Chairman Warsh, the Fed's communication will shift from providing forward guidance and will become less frequent, thereby making it necessary to monitor policy conduct through different mechanisms.</li>
<li>History suggests that new Fed leaders have often defied expectations after assuming office, but they have always respected the convention of the FOMC determining policy settings.</li>
</ul>


Despite the hawkish pivot in June, the FOMC left its policy rate unchanged after its latest meeting. Chairman Warsh failed to define price stability convincingly, scaring Treasury bond investors.
Under Chairman Warsh, the Fed's communication will shift from providing forward guidance and will become less frequent, thereby making it necessary to monitor policy conduct through different mechanisms.
History suggests that new Fed leaders have often defied expectations after assuming office, but they have always respected the convention of the FOMC determining policy settings.


Chairman Warsh's Poor Communication Skills Spook Bond Investors as Rate Hike Pressures Rise