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.

Geopolitics Ensuring Sovereign Bond Markets Will Face Prolonged Headwinds

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>The premium that bond investors are willing to pay for US Treasury securities has fallen since the end of the COVID-19 pandemic due to concerns about monetary and fiscal policy.</li>
<li>Quantitative easing (QE) by the Fed and below-target inflation persuaded US politicians not to end profligate fiscal policy conduct. QE has sobering legacy issues involving rising inflation and government debt.</li>
<li>Bond investors and US policymakers disagree about the pricing of Treasury securities as bad fiscal policy conduct is being increasingly factored into valuations as investors seek appropriate price discovery.</li>
</ul>


The premium that bond investors are willing to pay for US Treasury securities has fallen since the end of the COVID-19 pandemic due to concerns about monetary and fiscal policy.
Quantitative easing (QE) by the Fed and below-target inflation persuaded US politicians not to end profligate fiscal policy conduct. QE has sobering legacy issues involving rising inflation and government debt.
Bond investors and US policymakers disagree about the pricing of Treasury securities as bad fiscal policy conduct is being increasingly factored into valuations as investors seek appropriate price discovery.


US Treasuries: The Battle for Price Discovery Versus Financial Repression