Fed Seeks Fine Balancing Act as Better Backdrop Produces End to US Corporate Profits Recession
Any financial market turbulence due to the failure to pass important parts of the Trump Administration’s election manifesto could affect Fed policy conduct. Changes in financial conditions and their impact on the real economy are being monitored by the FOMC. Weaker commodity prices and a significant inventory correction produced a US corporate profits recession between 2014 H2 and 2016 H1. The subsequent recovery in commodity prices and manufacturing sales implies that S&P500 revenue growth should be more robust moving forward and will better underpin EPS expansion.
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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