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.

Financing Conditions: Modest US Tightening, While Neutral in Eurozone and Emerging Markets

Liquidity Supportive for Risky Assets in 2025 as US Treasury's Role Becomes More Important

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Since the global financial crisis (GFC), analysing global liquidity supply has become an essential part of asset allocation. Short-term optimism has dominated the allocation of liquidity since the GFC.</li>
<li>Global liquidity became less abundant and more volatile from 2022, raising the prospect of shorter economic expansions. Fiscal dominance challenges central banks due to governments' unwillingness reduce to budget profligacy.</li>
<li>Global liquidity expansion in 2026 could hinge critically on the central banks in the US, UK and China at least matching current expectations of policy easing.</li>
</ul>


Since the global financial crisis (GFC), analysing global liquidity supply has become an essential part of asset allocation. Short-term optimism has dominated the allocation of liquidity since the GFC.
Global liquidity became less abundant and more volatile from 2022, raising the prospect of shorter economic expansions. Fiscal dominance challenges central banks due to governments' unwillingness reduce to budget profligacy.
Global liquidity expansion in 2026 could hinge critically on the central banks in the US, UK and China at least matching current expectations of policy easing.


2026년 글로벌 유동성 확대: 미국과 중국에 대한 의존도 심화