Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul>
<li>Happy Sunday, and welcome to my weekly editorial on everything macro and markets.</li>
<li>It’s been an incredibly eventful weekend in Trump-land, and those who expected him to save all the fireworks for the inauguration speech have already been left behind.</li>
<li>To recap, Trump has either officially or via leaks/sources hinted at the following:The launch of the official meme-Trump-coin, which has gone absolutely through the roof, taking SOL to new highs alongside it.</li>
</ul>


Happy Sunday, and welcome to my weekly editorial on everything macro and markets.
It’s been an incredibly eventful weekend in Trump-land, and those who expected him to save all the fireworks for the inauguration speech have already been left behind.
To recap, Trump has either officially or via leaks/sources hinted at the following:The launch of the official meme-Trump-coin, which has gone absolutely through the roof, taking SOL to new highs alongside it.


Steno Signals #181: Welcome to the golden age for risk taking (and scams)

<ul><li>Happy Sunday, and welcome to my weekly editorial on all things Macro after a tumultuous week! I must admit, I’ve been surprised by the resilience of inflation and the growth momentum in the U.S. economy.</li><li>Both indicators continue to deliver results above median/trend values, suggesting that the U.S. economy is growing in both nominal and real terms at levels typically exceeding historical norms.</li><li>This is precisely why we’ve developed incredibly robust nowcasting models.</li></ul>

Happy Sunday, and welcome to my weekly editorial on all things Macro after a tumultuous week! I must admit, I’ve been surprised by the resilience of inflation and the growth momentum in the U.S. economy.Both indicators continue to deliver results above median/trend values, suggesting that the U.S. economy is growing in both nominal and real terms at levels typically exceeding historical norms.This is precisely why we’ve developed incredibly robust nowcasting models.

Steno Signals #180 – Some men just want to see the world burn (but not Trump)

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

FX & Rates

<ul>
<li>Resilience is showing up in survey data, impacting yields and strategies in Oregon and beyond</li>
<li>Rising term premium and fiscal spending expectations affecting markets, especially the dollar</li>
<li>Sterling facing challenges with lower quality carry, fiscal issues, and potential growth slowdown, while Dollar remains bullish with strong US employment report and Fed outlook</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Resilience is showing up in survey data, impacting yields and strategies in Oregon and beyond
Rising term premium and fiscal spending expectations affecting markets, especially the dollar
Sterling facing challenges with lower quality carry, fiscal issues, and potential growth slowdown, while Dollar remains bullish with strong US employment report and Fed outlook

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Cross Asset Strategy

<ul><li>Market conditions have shifted with increased rates against reduced liquidity, leading to recent sell-offs.</li><li>Despite market noise and uncertainty, the outlook remains constructive on intra-EMU spreads and Euro Area government bond supply for 2025.</li><li>The UK market has seen significant sell-offs in 10-year gilt yields, influenced by fiscal policies and US market dynamics, with expectations of further easing by the Bank of England.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Market conditions have shifted with increased rates against reduced liquidity, leading to recent sell-offs.Despite market noise and uncertainty, the outlook remains constructive on intra-EMU spreads and Euro Area government bond supply for 2025.The UK market has seen significant sell-offs in 10-year gilt yields, influenced by fiscal policies and US market dynamics, with expectations of further easing by the Bank of England.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Rates: European rates market update

<ul>
<li>Federal Reserve and Bank of England both make decisions that are more dovish than expected</li>
<li>Market pricing reflects uncertainty and potential easing in the future</li>
<li>Central banks take steps to ensure smooth funding and liquidity in the markets, including adjustments to repo facilities and addressing debt ceiling issues.</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Federal Reserve and Bank of England both make decisions that are more dovish than expected
Market pricing reflects uncertainty and potential easing in the future
Central banks take steps to ensure smooth funding and liquidity in the markets, including adjustments to repo facilities and addressing debt ceiling issues.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Rates: Hawkish cuts and dovish holds

United Kingdom

The British Pound Sterling is the official currency of The United Kingdom. 

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GBP (GBPUSD CURNCY)

Steno Signals #181: Welcome to the golden age for risk taking (and scams)

Happy Sunday, and welcome to my weekly editorial on everything macro and markets. It’s been an incredibly eventful weekend in Trump-land, and...

Steno Research

Steno Signals #180 – Some men just want to see the world burn (but not Trump)

Happy Sunday, and welcome to my weekly editorial on all things Macro after a tumultuous week!I must admit, I’ve been surprised by the resilience...

Steno Research

Global FX: No calm before the storm

Overall, the update highlights various factors impacting market trends and currency movements, including resilience in survey data in Oregon,...

At Any Rate

Global Rates: European rates market update

Recent market trends suggest a possible shift in macro fundamentals, with increased rates, reduced market liquidity, and fiscal policy uncertainty...

At Any Rate

Global Rates: Hawkish cuts and dovish holds

Overall, the BOE and Fed's monetary policy decisions, potential government shutdown, debt ceiling concerns, and Fed's balance sheet shifts are key...

At Any Rate

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)