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

Cross Asset Strategy

<ul>
<li>Elevated uncertainty about the consequences of US trade policy has imparted significant volatility on financial markets.  The unwinding of leveraged positions in US equities has accentuated price declines. </li>
<li>There has been turbulence for US Treasuries, but there has no change in the economic fundamentals that underpin their valuation.  Unwinding of basis points trades may partially explain price movements.  </li>
<li>Hedge funds may also be unwinding big bets based on pending financial deregulation that would raise banks' capacity to hold Treasuries.  There is no evidence of systemic funding stress.</li>
</ul>


Elevated uncertainty about the consequences of US trade policy has imparted significant volatility on financial markets.  The unwinding of leveraged positions in US equities has accentuated price declines. 
There has been turbulence for US Treasuries, but there has no change in the economic fundamentals that underpin their valuation.  Unwinding of basis points trades may partially explain price movements.  
Hedge funds may also be unwinding big bets based on pending financial deregulation that would raise banks' capacity to hold Treasuries.  There is no evidence of systemic funding stress.


US Financial Markets: Unwinding of Leverage Imparts Pain and Unusual Price Action