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.

Globalisation Enters More Nuanced Phase, Shaped By Sovereign Interests

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>US financial markets are currently in the aftershocks phase that always follows a crisis triggering event. Markets are often divorced from reality during these periods and pricing becomes irrational.   </li>
<li>Tariffs will negatively affect US economic growth, but the long-term impact depends on corporations' capital allocation response to a new trading environment. Future distribution of national income will become important.</li>
<li>Tariffs will adversely impact the equity risk premium, while Fed policy conduct will also play a role. Corporate profit expectations for 2025 have been lowered. Long-term growth estimates remain intact.</li>
</ul>


US financial markets are currently in the aftershocks phase that always follows a crisis triggering event. Markets are often divorced from reality during these periods and pricing becomes irrational.   
Tariffs will negatively affect US economic growth, but the long-term impact depends on corporations' capital allocation response to a new trading environment. Future distribution of national income will become important.
Tariffs will adversely impact the equity risk premium, while Fed policy conduct will also play a role. Corporate profit expectations for 2025 have been lowered. Long-term growth estimates remain intact.


Complex Anatomy of the Tariff Crisis Presents Financial Markets With Multiple Permutations