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 Fed's latest quarterly survey of Senior Loan Officers conveyed that banks continued to tighten lending standards in Q1. Notably, all forms of commercial real estate (CRE) lending were tightened. </li>
<li>Banks expect lending standards to tighten further in 2023 H2 for commercial &amp; industrial and CRE loans, but residential mortgages will be more selectively targeted.</li>
<li>Investors have hitherto focussed on interest rate risks at banks, but deteriorating credit quality should become an issue as lending standards tighten further.</li>
</ul>


The Fed's latest quarterly survey of Senior Loan Officers conveyed that banks continued to tighten lending standards in Q1. Notably, all forms of commercial real estate (CRE) lending were tightened. 
Banks expect lending standards to tighten further in 2023 H2 for commercial &amp; industrial and CRE loans, but residential mortgages will be more selectively targeted.
Investors have hitherto focussed on interest rate risks at banks, but deteriorating credit quality should become an issue as lending standards tighten further.


Rotation from Interest Rate to Credit Risk Looms as Bank Lending Standards Set to Tighten Further