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.

The Treasury Put, Financial Stability and the Road to Fiscal Dominance

Priced for a Japan That Has Not Existed Since 1991, Long the 30-Year JGB at 4.16%

Learnings from Two Short-Dollar Positions in an Oil Crisis

Geopolitics Ensuring Sovereign Bond Markets Will Face Prolonged Headwinds

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Government bond yields in the US, Japan and UK have been rising due to inflation and fiscal policy conduct concerns. Japan's problems are compounded by slow normalisation of monetary policy.</li>
<li>The US Treasury's recent foreign exchange intervention masks their concerns about rising long-term government bond yields, fearing Japan will have to liquidate their US bond holdings to support the yen.</li>
<li>Treasury Secretary Bessent offered Japan access to US dollars via the Fed's FIMA Repo Facility, a decision that has governance consequences and raised concerns about fiscal encroachment on Fed policy.</li>
</ul>


Government bond yields in the US, Japan and UK have been rising due to inflation and fiscal policy conduct concerns. Japan's problems are compounded by slow normalisation of monetary policy.
The US Treasury's recent foreign exchange intervention masks their concerns about rising long-term government bond yields, fearing Japan will have to liquidate their US bond holdings to support the yen.
Treasury Secretary Bessent offered Japan access to US dollars via the Fed's FIMA Repo Facility, a decision that has governance consequences and raised concerns about fiscal encroachment on Fed policy.


Foreign Exchange Intervention and Buybacks Masks US Treasury's Concerns About Rising Bond Yields