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.

Markets Modestly Reduce the Ante on the Fed but Investors Remain Shackled to Easy Money

The Case for Faster US Economic Growth Underpinned by Resilient Consumers

Fed Policy Outlook: Higher for Longer Proves More Durable Than Expected, but US Equities Don't Care

The Fate of Quantitative Tightening: Not Solely in the Hands of the Fed

Liquidity Outlook Supportive for Risky Assets as Stubborn Yield Curve Inversion Requires Resolution

Fed Policy Pivot: Forerunner to Further Capitulation in the Great Game of Chicken?

Overdue Reality Check Required? Aggressive Fed Policy Rate Cut Expectations Underpin Risky Assets

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>The higher civilian workforce participation rate imparted disinflation in 2023. These influences may now be retreating. Skilled labour shortages in manufacturing have produced higher wages that could undermine inflation trends.</li>
<li>Bipartisan agreement on government spending enhances depletion prospects for the Treasury's General Account, boosting financial accommodation.  Fed could exit quantitative tightening due to rapid drawdown on its reverse repo programme.</li>
<li>Deploying greater pressure, the Biden Administration will seek to avoid a repeat of 1992 when the Fed was accused of easing too slowly to the detriment of the incumbent President.   </li>
</ul>


The higher civilian workforce participation rate imparted disinflation in 2023. These influences may now be retreating. Skilled labour shortages in manufacturing have produced higher wages that could undermine inflation trends.
Bipartisan agreement on government spending enhances depletion prospects for the Treasury's General Account, boosting financial accommodation.  Fed could exit quantitative tightening due to rapid drawdown on its reverse repo programme.
Deploying greater pressure, the Biden Administration will seek to avoid a repeat of 1992 when the Fed was accused of easing too slowly to the detriment of the incumbent President.   


US Political Backdrop Raises Risks of Fiscal and Monetary Policies Reflating the Economy