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.

Blurred Inflation Signals Increase the Range of Potential Fed Policy Responses

Task Forces Galore: Fed Chairman Warsh Hits the Ground Running

US Economic and Funding Conditions Remain Resilient, but Limited Scope for Improvement

Further Fed Balance Sheet Shrinkage: Technically Difficult Without Regulatory Reforms

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Kevin Warsh has become the Fed's latest chairman during a period of rising inflation and increased levels of internal dissent about policy conduct.  The Fed's institutional integrity will remain intact.</li>
<li>Shrinking the Fed's balance sheet will be a slow and carefully considered process in order to prevent stress in repo markets. Long-term interest rates will be determined by numerous factors. </li>
<li>Chairman Warsh believes that policy conduct should be rules-based versus being driven by ad hoc discretion. Policy communication will change with less frequency and the gradual replacement of forward guidance.</li>
</ul>


Kevin Warsh has become the Fed's latest chairman during a period of rising inflation and increased levels of internal dissent about policy conduct.  The Fed's institutional integrity will remain intact.
Shrinking the Fed's balance sheet will be a slow and carefully considered process in order to prevent stress in repo markets. Long-term interest rates will be determined by numerous factors. 
Chairman Warsh believes that policy conduct should be rules-based versus being driven by ad hoc discretion. Policy communication will change with less frequency and the gradual replacement of forward guidance.


Fed's New Chairman: Expect Gradual Changes to Policy Communication and Balance Sheet Management