Main Street's Plight Takes on Greater Importance for Wall Street
​The subpar performance of the US economy during the current cycle has benefitted Wall Street by enabling a prolonged upswing in corporate profits, as well as reducing the risks of aggressive Fed tightening, by suppressing wage inflation and interest costs. Some degree of US labour market slack still persists, but companies need to feel confident that higher fixed costs can be covered before any significant additional hiring. Meanwhile, commercial & industrial loan growth has weakened to its slowest since 2011, but this is unlikely to presage similar developments in the real economy. US equity valuations have risen since the US Presidential Election, but the low level of the Misery Index has been supportive for this outcome.
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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