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.

FOMC Minutes Preview: Increasingly Balanced Risks

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Financial markets took fright from the weaker than expected July <em>Employment Situation</em> report. Fed policy remains data-dependent and the Fed will wait for more data to formulate an appropriate response.</li>
<li>BoJ policy has seemingly broken the attraction of the yen carry trade, beneficial for US equities in 2024. Financial market volatility has forced the BoJ to postpone policy rate increases. </li>
<li>The case for an emergency Fed policy rate cut remains unconvincing, particularly when current circumstances are compared to other instances of inter-meeting policy rate reductions back in 2020 and 2001.</li>
</ul>


Financial markets took fright from the weaker than expected July Employment Situation report. Fed policy remains data-dependent and the Fed will wait for more data to formulate an appropriate response.
BoJ policy has seemingly broken the attraction of the yen carry trade, beneficial for US equities in 2024. Financial market volatility has forced the BoJ to postpone policy rate increases. 
The case for an emergency Fed policy rate cut remains unconvincing, particularly when current circumstances are compared to other instances of inter-meeting policy rate reductions back in 2020 and 2001.


Data Dependent Fed Unfazed by Fallout from Unwinding Carry Trades

Japan & United States

Data Dependent Fed Unfazed by Fallout from Unwinding Carry Trades