Merry Christmas from a More Hawkish Fed
​The Fed's forward guidance for 2017 took a more hawkish tone at last week's FOMC meeting. Looming US fiscal policy easing has boosted the FOMC's confidence that the US economy can withstand higher interest rates.
The impact of US fiscal easing on the dollar, bond yields and equities will depend both on its size and the Fed's ability to provide an appropriate monetary offset and to shape interest rate and inflationary expectations. Exuberant animal spirits are not necessarily bullish for US equities.
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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