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.

Data Loss Will Not Stop Fed Easing as Low Hiring and Firing Takes Grip on Economy

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>The Fed reduced the federal funds rate by 25 basis points last week, but offered somewhat hawkish forward guidance for 2026. Risks of higher unemployment have increased, requiring policy recalibration. </li>
<li>A growing number of commentators are expressing concern about a US recession, but the Sahm and Federal Reserve Bank of New York recession probability measures have been falling during 2025.</li>
<li>Much faster rising unemployment amongst younger workers since April 2023 could indicate that greater embracement of generative artificial intelligence by companies has adversely impacted the number of entry-level jobs.</li>
</ul>


The Fed reduced the federal funds rate by 25 basis points last week, but offered somewhat hawkish forward guidance for 2026. Risks of higher unemployment have increased, requiring policy recalibration. 
A growing number of commentators are expressing concern about a US recession, but the Sahm and Federal Reserve Bank of New York recession probability measures have been falling during 2025.
Much faster rising unemployment amongst younger workers since April 2023 could indicate that greater embracement of generative artificial intelligence by companies has adversely impacted the number of entry-level jobs.


Fed Cuts Policy Rate to Mitigate Rising Unemployment Risks, but Retains Cautious 2026 Guidance