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.

Hawkish Forward Guidance by Fed Fails to Dampen Bullish Sentiment

Asia Economics: The Market Panic Does Not Alter Medium-Term Trajectory

Future Fed Policy Conduct: Time to Eradicate the Secular Stagnation Thesis

Fed Policy Outlook: Higher for Longer Proves More Durable Than Expected, but US Equities Don't Care

Controlling US Financial Conditions: Looming Battle Between the Fed and Treasury

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Markets are reviewing their outlook about a return to a lower Fed policy rate in a more hawkish manner. Their long-standing secular stagnation thesis could be jettisoned. </li>
<li>The Fed's low estimate for the neutral policy rate (r*) is based on perceived degradation of US economic growth after the bursting of the internet bubble and global financial crisis.</li>
<li>Higher US short-term interest rates may have been stimulative due to high levels of interest-earning financial assets held by corporations and households, while large budget deficits also support economic activity.</li>
</ul>


Markets are reviewing their outlook about a return to a lower Fed policy rate in a more hawkish manner. Their long-standing secular stagnation thesis could be jettisoned. 
The Fed's low estimate for the neutral policy rate (r*) is based on perceived degradation of US economic growth after the bursting of the internet bubble and global financial crisis.
Higher US short-term interest rates may have been stimulative due to high levels of interest-earning financial assets held by corporations and households, while large budget deficits also support economic activity.


Goodbye to Ultra-Low US Short-Term Interest Rates? Financial Markets Well Ahead of the Fed