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.

Fed Unperturbed by Equity Market Declines as Housing Cushions the Blow to Households' Net Worth

Financial Markets Demand Greater Clarity from the Fed About the Future Path of Interest Rates

Fed's Inflation Credibility: Facing the Sternest of Tests in 2022 as Inflationary Psychology Rises

Fed’s Hawkish Pivot: Heavily Dependent on Economic Outcomes Matching Forecasts

Fed's Transient Inflation Thesis Facing Numerous Tests as Role of Excess Demand Downplayed

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Fed Chair Powell eyes March to raise the federal funds rate, but pressure to delay has risen. The Fed is keen not to fall behind the inflation curve in 2022.</li>
<li>Inflation forecasts could be critical in determining whether Fed policy guidance requires further hawkish adjustment. Labour market developments will, however, not be entirely overlooked in terms of adjusting policy settings. </li>
<li>Fed policy lowered the equity risk premium and boosted equity valuations. Lack of Fed intervention in US Treasuries means outsized US equity portfolio gains will depend on stock picking.   </li>
</ul>


Fed Chair Powell eyes March to raise the federal funds rate, but pressure to delay has risen. The Fed is keen not to fall behind the inflation curve in 2022.
Inflation forecasts could be critical in determining whether Fed policy guidance requires further hawkish adjustment. Labour market developments will, however, not be entirely overlooked in terms of adjusting policy settings. 
Fed policy lowered the equity risk premium and boosted equity valuations. Lack of Fed intervention in US Treasuries means outsized US equity portfolio gains will depend on stock picking.   


Hawkish Fed in 2022: Boosting the Importance of Stock Picking as Valuations Receive Less Support