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.

Cross Asset Strategy

<ul><li>We’ve generally experienced a “softer” September than anticipated in terms of interest rates.</li><li>The typical September issuance seasonality takes a back seat to the upcoming first Fed cut in this cycle.</li><li>Nick Timiraos has hinted that some officials are seriously considering going big already next week, so we may be in for a ride.</li></ul>

We’ve generally experienced a “softer” September than anticipated in terms of interest rates.The typical September issuance seasonality takes a back seat to the upcoming first Fed cut in this cycle.Nick Timiraos has hinted that some officials are seriously considering going big already next week, so we may be in for a ride.

Portfolio Watch: Buy Bonds, Wear Diamonds (or Gold)?

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Crypto

<ul><li>It is becoming increasingly clear that the first U.S. interest rate cut is just around the corner.</li><li>The next Federal Open Market Committee (FOMC) meeting, scheduled for September 18, will determine the Federal Reserve’s (FED) next move on U.S. Dollar interest rates.</li><li>The FED has strongly indicated its intent to reduce rates by at least 25 basis points, with a slim possibility of a 50 basis point cut, although this is highly unlikely following the release of a slightly higher-than-expected U.S. Consumer Price Index (CPI) yesterday.</li></ul>

It is becoming increasingly clear that the first U.S. interest rate cut is just around the corner.The next Federal Open Market Committee (FOMC) meeting, scheduled for September 18, will determine the Federal Reserve’s (FED) next move on U.S. Dollar interest rates.The FED has strongly indicated its intent to reduce rates by at least 25 basis points, with a slim possibility of a 50 basis point cut, although this is highly unlikely following the release of a slightly higher-than-expected U.S. Consumer Price Index (CPI) yesterday.

Crypto Moves #43 – Trading Crypto on the First U.S. Rate Cut

Macroeconomics

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>A lot is happening in markets ahead of what could be a significant turning point in sentiment, with the August CPI report landing in our inboxes at 14:30 CPH time.</li><li>The debate between Harris and Trump seems to have set the tone in markets leading up to the event, with the USD selling off as markets agree that Trump is likely the more bullish of the two on USD.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.A lot is happening in markets ahead of what could be a significant turning point in sentiment, with the August CPI report landing in our inboxes at 14:30 CPH time.The debate between Harris and Trump seems to have set the tone in markets leading up to the event, with the USD selling off as markets agree that Trump is likely the more bullish of the two on USD.

Positioning Watch: Markets Are Positioned for Softness (in Rates)

<ul><li>Good afternoon from a rainy Copenhagen.</li><li>As always, Monday’s morning report will be replaced by our ‘Week at a Glance’ editorial, where we will go through the upcoming events of the week in a short and concise fashion.</li><li>The mood across assets has surely improved over the weekend after Waller’s statements on Friday, which did not give the markets any clues on whether a 50 or 25bps cut was more likely in September after yet another weak NFP report.</li></ul>

Good afternoon from a rainy Copenhagen.As always, Monday’s morning report will be replaced by our ‘Week at a Glance’ editorial, where we will go through the upcoming events of the week in a short and concise fashion.The mood across assets has surely improved over the weekend after Waller’s statements on Friday, which did not give the markets any clues on whether a 50 or 25bps cut was more likely in September after yet another weak NFP report.

Week at a Glance: Markets Have Truly Thrown Inflation in the Bin by Now

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>Markets experienced significant volatility in response to comments from New York Fed presidents and Governor Waller, resulting in pricing of around 30 basis points for the September meeting</li><li>Labor market data suggests softening, with revisions showing a decline in private sector payroll growth, indicating a shift towards imminent Fed easing</li><li>Opportunities in Treasuries lie in steepeners, with a focus on front end steepening and potential for further broadening of the steepening trend as the Fed moves towards easing.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Markets experienced significant volatility in response to comments from New York Fed presidents and Governor Waller, resulting in pricing of around 30 basis points for the September meetingLabor market data suggests softening, with revisions showing a decline in private sector payroll growth, indicating a shift towards imminent Fed easingOpportunities in Treasuries lie in steepeners, with a focus on front end steepening and potential for further broadening of the steepening trend as the Fed moves towards easing.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX & Rates: US rates and FX market after a rollercoaster Friday

United States

The US dollar is the official currency of the United States of America.

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Portfolio Watch: Buy Bonds, Wear Diamonds (or Gold)?

We’ve generally experienced a “softer” September than anticipated in terms of interest rates. The typical September issuance seasonality takes a...

Steno Research

Crypto Moves #43 – Trading Crypto on the First U.S. Rate Cut

It is becoming increasingly clear that the first U.S. interest rate cut is just around the corner. The next Federal Open Market Committee (FOMC)...

Steno Research

Positioning Watch: Markets Are Positioned for Softness (in Rates)

Hello everyone, and welcome back to our weekly positioning watch. A lot is happening in markets ahead of what could be a significant turning point...

Steno Research

Week at a Glance: Markets Have Truly Thrown Inflation in the Bin by Now

Good afternoon from a rainy Copenhagen. As always, Monday’s morning report will be replaced by our ‘Week at a Glance’ editorial, where we will go...

Steno Research

Global FX & Rates: US rates and FX market after a rollercoaster Friday

The August employment report caused volatility in interest rate markets, with expectations for easing shifting and market dynamics favoring front...

At Any Rate

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