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.

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Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>Despite the energy shock due to hostilities in the Middle East, US economic activity has remained resilient, but business and consumer sentiment remain below pre-conflict levels.</li>
<li>US funding conditions remain favourable during 2026 despite the geopolitical backdrop, but scope for further improvement is limited. The Fed's latest stress tests suggests banks are in decent financial shape.</li>
<li>Fiscal policy plays an important role in determining funding conditions via banks and the repo market. The fiscal outlook is complicated by uncertainty about tax revenues associated with expiring tariffs.</li>
</ul>


Despite the energy shock due to hostilities in the Middle East, US economic activity has remained resilient, but business and consumer sentiment remain below pre-conflict levels.
US funding conditions remain favourable during 2026 despite the geopolitical backdrop, but scope for further improvement is limited. The Fed's latest stress tests suggests banks are in decent financial shape.
Fiscal policy plays an important role in determining funding conditions via banks and the repo market. The fiscal outlook is complicated by uncertainty about tax revenues associated with expiring tariffs.


US Economic and Funding Conditions Remain Resilient, but Limited Scope for Improvement