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.

Fed Not Concerned About Financial Conditions as US Equity Valuations Resemble Late-1990s

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>Easy comparisons contributed to lower US inflation in 2023 H1, but the backdrop in H2 is less favourable, thereby making the Fed wary of premature dovish policy pivots.</li>
<li>Economic soft-landings have never been good for corporate profits, thereby helping to explain why analysts have set such a low bar for the 2023 Q2 reporting season. </li>
<li>Glaring inconsistencies are embedded in the 2024 outlooks for corporate profits and Fed policy, notably resource utilisation in the US economy remains too elevated to quickly cull inflation pressures.</li>
</ul>


Easy comparisons contributed to lower US inflation in 2023 H1, but the backdrop in H2 is less favourable, thereby making the Fed wary of premature dovish policy pivots.
Economic soft-landings have never been good for corporate profits, thereby helping to explain why analysts have set such a low bar for the 2023 Q2 reporting season. 
Glaring inconsistencies are embedded in the 2024 outlooks for corporate profits and Fed policy, notably resource utilisation in the US economy remains too elevated to quickly cull inflation pressures.


US Equities Outlook: Time for a Reality Check