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.

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Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>The Fed modestly revised economic growth expectations downwards for 2025 and next year and chose not to alter forward guidance. Two anticipated policy rate reductions in 2025 remain intact.</li>
<li>Significant tapering of quantitative tightening was announced in anticipation of a debt ceiling agreement being reached. Higher Treasury borrowing could reduce reserves in the banking system, potentially creating financial instability.   </li>
<li>Short-Term survey-based measures of consumers' inflationary expectations have seemingly become more unhinged in 2025, but this should not prevent the Fed from switching to easier policy settings if required.</li>
</ul>


The Fed modestly revised economic growth expectations downwards for 2025 and next year and chose not to alter forward guidance. Two anticipated policy rate reductions in 2025 remain intact.
Significant tapering of quantitative tightening was announced in anticipation of a debt ceiling agreement being reached. Higher Treasury borrowing could reduce reserves in the banking system, potentially creating financial instability.   
Short-Term survey-based measures of consumers' inflationary expectations have seemingly become more unhinged in 2025, but this should not prevent the Fed from switching to easier policy settings if required.


Fed Tapers QT to Pre-Empt Debt Ceiling Increase as Forward Interest Rate Guidance Remains Unchanged