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.

End of Quantitative Tightening Partly Eclipsed by Hawkish Pivot by Fed Chairman Powell

Liquidity Supportive for Risky Assets in 2025 as US Treasury's Role Becomes More Important

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Prolonged quantitative easing by the Fed has made balance sheet shrinkage difficult without producing periods of cash shortages in the banking system, and has raised the neutral federal funds rate.</li>
<li>Regional Federal Reserve Bank Presidents have become more hawkish since September about  inflation, arguing against a December policy easing, but September's Employment Situation report did justify previous policy rate reductions.</li>
<li>Chairman Powell remains cautious about tariffs. Recent historical research by the Federal Reserve Bank of San Francisco suggests that higher unemployment and disinflation are the long-term outcomes of higher tariffs.</li>
</ul>


Prolonged quantitative easing by the Fed has made balance sheet shrinkage difficult without producing periods of cash shortages in the banking system, and has raised the neutral federal funds rate.
Regional Federal Reserve Bank Presidents have become more hawkish since September about  inflation, arguing against a December policy easing, but September's Employment Situation report did justify previous policy rate reductions.
Chairman Powell remains cautious about tariffs. Recent historical research by the Federal Reserve Bank of San Francisco suggests that higher unemployment and disinflation are the long-term outcomes of higher tariffs.


Fed Policy Outlook Heavily Influenced by QE Legacy Issues