Head of Research, Steno Research

Emil Moller

Head of Research

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.

Cross Asset Strategy

<ul>
<li>As we wrap up the last Central Bank week of the year, it’s safe to say that the market hasn’t provided much incentive to conclude the celebratory spirit that started in November before the New Year.</li>
<li>Powell’s press conference and the FOMC dot plot have continued to push interest rates lower and inject more USD liquidity into global markets.</li>
<li>Risk assets have enthusiastically embraced this liquidity boost, even though John Williams’s recent attempts to temper the euphoria by clarifying that the Fed is not currently discussing rate cuts.</li>
</ul>


As we wrap up the last Central Bank week of the year, it’s safe to say that the market hasn’t provided much incentive to conclude the celebratory spirit that started in November before the New Year.
Powell’s press conference and the FOMC dot plot have continued to push interest rates lower and inject more USD liquidity into global markets.
Risk assets have enthusiastically embraced this liquidity boost, even though John Williams’s recent attempts to temper the euphoria by clarifying that the Fed is not currently discussing rate cuts.


Portfolio Watch: Liquidity the Name of the Game

<ul><li>As we move beyond the final Fed decision of the year, we can speculate on how the EM space may respond to Powell’s press conference tonight.</li><li>Before diving into that, let’s discuss some recent developments that have occurred in China since our last update on the situation in Beijing.</li><li>While the market and all the mainstream news outlets have been awaiting the third plenum to take place in vain,  China’s Central Economic Work Conference was held the past two days.</li></ul>

As we move beyond the final Fed decision of the year, we can speculate on how the EM space may respond to Powell’s press conference tonight.Before diving into that, let’s discuss some recent developments that have occurred in China since our last update on the situation in Beijing.While the market and all the mainstream news outlets have been awaiting the third plenum to take place in vain,  China’s Central Economic Work Conference was held the past two days.

EM by EM #34: Xi’s Whip and Powell’s Kneeling

United States

Schwab U.S. TIPS ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the investment results of the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index.

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Portfolio Watch: Liquidity the Name of the Game

Cuts by March? We are not dismissive, but we would deem it close to fantastic if the Fed communications manage to pivot the economy without pushing...

Steno Research

EM by EM #34: Xi’s Whip and Powell’s Kneeling

Despite aiming for growth, China won’t employ potent fiscal or monetary policies; instead, the focus is on boosting confidence and shaping a...

Steno Research

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