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