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>Since 1995, US equity prices have displayed a remarkable resilience to political impasses in raising the debt ceiling. Dysfunctional fiscal policy can have unintended consequences, such as sovereign debt downgrades.</li>
<li>Elevated levels of bond holdings in the US banking system mean that profligate US fiscal policy could raise issues about the quality of the sovereign backstop.</li>
<li>US banks are still losing deposits to money market funds as banks struggle to adjust to a higher cost of funding environment. Commercial real estate lending has softened since March. </li>
</ul>


Since 1995, US equity prices have displayed a remarkable resilience to political impasses in raising the debt ceiling. Dysfunctional fiscal policy can have unintended consequences, such as sovereign debt downgrades.
Elevated levels of bond holdings in the US banking system mean that profligate US fiscal policy could raise issues about the quality of the sovereign backstop.
US banks are still losing deposits to money market funds as banks struggle to adjust to a higher cost of funding environment. Commercial real estate lending has softened since March. 


Substance of Debt Ceiling Deal Has Implications for Banking System and Sovereign Backstop