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.

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>The Bank of Japan (BoJ) has embraced the Fed's practice of gradualism in normalising policy settings. Private securities holdings make it difficult for the BoJ's balance sheet to fall rapidly.   </li>
<li>The BoJ's inflation gauge has been rising again since July 2024, suggesting gradually tighter policy will not reintroduce deflation.  Rising wages are the inflation game changer after years of stagnation.</li>
<li>Monetary policy settings in Japan will remain accommodative in 2025, albeit less so.  The attraction of the yen carry trade could fall, but the demand for dollars will remain elevated.</li>
</ul>


The Bank of Japan (BoJ) has embraced the Fed's practice of gradualism in normalising policy settings. Private securities holdings make it difficult for the BoJ's balance sheet to fall rapidly.   
The BoJ's inflation gauge has been rising again since July 2024, suggesting gradually tighter policy will not reintroduce deflation.  Rising wages are the inflation game changer after years of stagnation.
Monetary policy settings in Japan will remain accommodative in 2025, albeit less so.  The attraction of the yen carry trade could fall, but the demand for dollars will remain elevated.


Glacial Bank of Japan Policy Normalisation Intact, but Wage Inflation and Geopolitics Pose Risks