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.

Higher Uncertainty Poses Challenges to US Economic and Financial Outlook for Investors and the Fed

Gazing into 2023: Baseline Risks Assessed

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Passage of a $1.7 trillion spending bill by the US Congress complicates the Fed's task of restoring price stability. Higher borrowing could push up interest rates and crowd-out private investment.</li>
<li>The yen's depreciation before October was accentuated by Japanese financial institutions hedging against losses on US Treasuries. Little evidence exists of significant liquidation of US financial assets by Japanese investors.</li>
<li>China's decision to cease its zero-tolerance policy towards COVID-19 will be positive for the global economy in 2023, but, initially, rising infection rates could be a headwind.  </li>
</ul>


Passage of a $1.7 trillion spending bill by the US Congress complicates the Fed's task of restoring price stability. Higher borrowing could push up interest rates and crowd-out private investment.
The yen's depreciation before October was accentuated by Japanese financial institutions hedging against losses on US Treasuries. Little evidence exists of significant liquidation of US financial assets by Japanese investors.
China's decision to cease its zero-tolerance policy towards COVID-19 will be positive for the global economy in 2023, but, initially, rising infection rates could be a headwind.  


Late-2022 Policy Developments Further Complicate 2023 Outlook