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 Policy Outlook Heavily Influenced by QE Legacy Issues

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>The Fed lowered its policy rate by 25 basis points and announced a liquidity management programme to add cash to the banking system during a period of seasonal stress.</li>
<li>New forward guidance suggests only two more rate reductions over the next two years, but Chairman Powell seemed more dovish about the outlook for policy in his press conference.</li>
<li>Fed policy settings have become less restrictive and have almost returned to neutrality, based on r*. Real-Time data from commodity and equity markets suggest monetary conditions have eased since April.</li>
</ul>


The Fed lowered its policy rate by 25 basis points and announced a liquidity management programme to add cash to the banking system during a period of seasonal stress.
New forward guidance suggests only two more rate reductions over the next two years, but Chairman Powell seemed more dovish about the outlook for policy in his press conference.
Fed policy settings have become less restrictive and have almost returned to neutrality, based on r*. Real-Time data from commodity and equity markets suggest monetary conditions have eased since April.


Fed Policy Taking Dovish Tilt in 2026 as Liquidity Management Programme Aims to Lower Repo Stress