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>US equities have displayed remarkable resilience since the announcement of reciprocal tariffs, notably without any promise of immediate help from the Fed via policy easing.</li>
<li>Although expected S&amp;P500 EPS growth has been lowered for 2025, estimates for 2026 remain resolute, despite ongoing uncertainty about final tariff outcomes. Maintaining respectable productivity growth will be crucial.  </li>
<li>The arrival of tariffs complicates the future business strategies of firms due to varying degrees of market competition and the unknown response of consumers to price increases.</li>
</ul>


US equities have displayed remarkable resilience since the announcement of reciprocal tariffs, notably without any promise of immediate help from the Fed via policy easing.
Although expected S&amp;P500 EPS growth has been lowered for 2025, estimates for 2026 remain resolute, despite ongoing uncertainty about final tariff outcomes. Maintaining respectable productivity growth will be crucial.  
The arrival of tariffs complicates the future business strategies of firms due to varying degrees of market competition and the unknown response of consumers to price increases.


US Corporate Profits Expectations Remain Resolute Despite Tariff Uncertainties