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

Cross Asset Strategy

<ul>
<li>The thesis that strong private investment demand related to artificial intelligence is exerting upward pressure on US Treasury yields is gaining credence.  Higher investment normally produces higher real interest rates</li>
<li>Strong investment demand will always place upward pressure on real interest rates irrespective of the financing mechanism. There is scant evidence suggesting that large AI investment have boosted Treasury yields.</li>
<li>Short-Term interest rate expectations have boosted long-term US interest rates following a hawkish pivot by the Fed under new leadership. Chairman Warsh has shifted the Fed's focus to financial conditions.</li>
</ul>


The thesis that strong private investment demand related to artificial intelligence is exerting upward pressure on US Treasury yields is gaining credence.  Higher investment normally produces higher real interest rates
Strong investment demand will always place upward pressure on real interest rates irrespective of the financing mechanism. There is scant evidence suggesting that large AI investment have boosted Treasury yields.
Short-Term interest rate expectations have boosted long-term US interest rates following a hawkish pivot by the Fed under new leadership. Chairman Warsh has shifted the Fed's focus to financial conditions.


Higher US Treasury Yields: Not All About Strong Capital Spending by AI Hyperscalers