Desaque Macro Research

​DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the intention of delivering independent global macro investment insights and new thematic long-term ideas to investors, along with an agnostic opinion of the markets.

Said DeSaque has over 29 years of experience working as a professional economist in financial services, primarily based in London. His working role has involved extensive travel around the world, bringing him into contact with investors of different cultural backgrounds and investment requirements. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist and Investment Strategist at US banks Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he became Head of the London Economics Department in 1996. This role allowed him to engage with senior investment professionals, alongside regulators and provided a unique perspective of market intelligence at work. 

Said Desaque
  • Said Desaque

Protectionism Trumps Labour Market for US Equities, But Fed Chairman R...

Protectionism has replaced labour market conditions as the main focus for US equities.  Meanwhile, the long-term growth issue facing Fed policy still remains the same, namely a lower speed limit for the economy.  Higher financial market volatility will be tolerated by the Fed under Chairman Powell, thereby suggesting that US equity valuations should recede. 

Said Desaque
  • Said Desaque

Fed Policy & US Equity Valuations: Unresolved Issues Require Attentio...

Current systemic financial conditions, in the wake of higher volatility, will not prevent the FOMC from further tightening.  The FOMC will need to convey its conviction behind its forecast of the natural rate of unemployment, and inform markets about the trigger point for faster policy tightening.  Despite their recent correction, US equities are still not cheap, even allowing for changes in corporate distribution policy via buybacks. 

Said Desaque
  • Said Desaque

Protectionism Exposes the Pitfalls of US Corporate and Economic Short-...

Economic optimism levels of US corporate insiders and small business owners continue to flourish in Q1, despite higher levels of financial market volatility and the emergence of protectionism. Protectionism will disproportionately impact US CEOs through lower profits and consequently stock prices, thereby highlighting the crucial role of outsourcing in boosting operating margins. The US has always had a feisty trade relationship with Asia, but the most severe sanctions have hitherto been impos...

Said Desaque
  • Said Desaque

Low US Personal Saving Rate Introduces Economic and Investment Constra...

While current US economic commentary is upbeat about future prospects, the low personal saving rate raises the exposure of the household sector to potential shocks. The decline in the personal saving rate has accelerated since 1990, a period characterised by a larger share of US national income being allocated to corporate profits and a squeeze on workers’ compensation. Lower levels of inflation and economic/financial volatility have contributed in driving the personal saving rate lower, along...

Said Desaque
  • Said Desaque

US Equities: Solid Fundamentals Hindered by Protectionism and Liquidit...

Fears of protectionism have been periodically presenting headwinds for US equities, but the real test may still lie ahead with protectionists in the ascendency within the Trump Administration. Buoyant earnings and revenue expectations provide solid fundamental support for US equities, suggesting that corporations will still benefit the most from future economic activity. Global provision of liquidity is becoming more nuanced as the Fed shrinks its balance sheet, while the Peoples’ Bank of Chin...

Said Desaque
  • Said Desaque

Protectionism Trumps Labour Market for US Equities, But Fed Chairman R...

Protectionism has replaced labour market conditions as the main focus for US equities.  Meanwhile, the long-term growth issue facing Fed policy still remains the same, namely a lower speed limit for the economy.  Higher financial market volatility will be tolerated by the Fed under Chairman Powell, thereby suggesting that US equity valuations should recede. 

Said Desaque
  • Said Desaque

Fed Policy & US Equity Valuations: Unresolved Issues Require Attentio...

Current systemic financial conditions, in the wake of higher volatility, will not prevent the FOMC from further tightening.  The FOMC will need to convey its conviction behind its forecast of the natural rate of unemployment, and inform markets about the trigger point for faster policy tightening.  Despite their recent correction, US equities are still not cheap, even allowing for changes in corporate distribution policy via buybacks. 

Said Desaque
  • Said Desaque

Protectionism Exposes the Pitfalls of US Corporate and Economic Short-...

Economic optimism levels of US corporate insiders and small business owners continue to flourish in Q1, despite higher levels of financial market volatility and the emergence of protectionism. Protectionism will disproportionately impact US CEOs through lower profits and consequently stock prices, thereby highlighting the crucial role of outsourcing in boosting operating margins. The US has always had a feisty trade relationship with Asia, but the most severe sanctions have hitherto been impos...

Said Desaque
  • Said Desaque

Low US Personal Saving Rate Introduces Economic and Investment Constra...

While current US economic commentary is upbeat about future prospects, the low personal saving rate raises the exposure of the household sector to potential shocks. The decline in the personal saving rate has accelerated since 1990, a period characterised by a larger share of US national income being allocated to corporate profits and a squeeze on workers’ compensation. Lower levels of inflation and economic/financial volatility have contributed in driving the personal saving rate lower, along...

Said Desaque
  • Said Desaque

US Equities: Solid Fundamentals Hindered by Protectionism and Liquidit...

Fears of protectionism have been periodically presenting headwinds for US equities, but the real test may still lie ahead with protectionists in the ascendency within the Trump Administration. Buoyant earnings and revenue expectations provide solid fundamental support for US equities, suggesting that corporations will still benefit the most from future economic activity. Global provision of liquidity is becoming more nuanced as the Fed shrinks its balance sheet, while the Peoples’ Bank of Chin...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch