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.

US Economy Remains in Decent Shape, but Finding Entry-Level Jobs Gets Tougher

Late 1990s Bubble Comparison to Current Cycle Requires Nuanced Analysis

US Equities: Maintaining Elevated Leadership Valuations Will Require Upside Surprises

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>US equities have fully recovered from their selloff following the announcement of reciprocal tariffs .  Investors believe the US economy will benefit greatly from the adoption of generative artificial intelligence.</li>
<li>The late 1990s provide a cautionary lesson on the limits of purported productivity gains due to technological changes. Higher AI-induced productivity growth will raise the real neutral federal funds rate.</li>
<li>High federal government borrowing could raise the funding costs of AI-related capital spending in the private sector.  Borrowing capacity has risen significantly due to the Big Beautiful Bill's passage. </li>
</ul>


US equities have fully recovered from their selloff following the announcement of reciprocal tariffs .  Investors believe the US economy will benefit greatly from the adoption of generative artificial intelligence.
The late 1990s provide a cautionary lesson on the limits of purported productivity gains due to technological changes. Higher AI-induced productivity growth will raise the real neutral federal funds rate.
High federal government borrowing could raise the funding costs of AI-related capital spending in the private sector.  Borrowing capacity has risen significantly due to the Big Beautiful Bill's passage. 


Generative AI and the US Economy: Another 1999-Style Party?