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.

US Corporate Animal Spirits Dented by Fed Policy Normalisation, but Profits Remain Resilient

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Employment growth and service sector activity are exhibiting strength in early-2023, thereby suggesting that a higher terminal Fed policy rate could be in the offing.</li>
<li>Despite lower supply chain stress, higher operating costs are impacting corporations. Lack of suitably skilled workers could impact productivity growth, as well as encouraging labour hoarding and higher capital spending.</li>
<li>Sector-Specific challenges are facing US corporations as economic and financial conditions normalise, notably in housing and information technology.  Those sectors dependent on discretionary spending will face demand headwinds in 2023.</li>
</ul>


Employment growth and service sector activity are exhibiting strength in early-2023, thereby suggesting that a higher terminal Fed policy rate could be in the offing.
Despite lower supply chain stress, higher operating costs are impacting corporations. Lack of suitably skilled workers could impact productivity growth, as well as encouraging labour hoarding and higher capital spending.
Sector-Specific challenges are facing US corporations as economic and financial conditions normalise, notably in housing and information technology.  Those sectors dependent on discretionary spending will face demand headwinds in 2023.


Sector-Specific Issues Add to Macroeconomic Challenges Facing US Corporations