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.

Macro and Geopolitical Research House

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

<ul><li>Each month we assess the macro environment based on liquidity, inflation and growth models. Our models were right that inflation, growth and liquidity would all drop in June, but for July we see a possible slight uptick in growth, while inflation and liquidity will continue down.</li><li>Welcome to our monthly Macro Regime Indicator update. We aim at updating you on our base-case projections for liquidity, inflation and growth and how to optimally allocate according to the regime based on our empirical beta studies in the brand new asset allocation model available in our <a href="https://stenoresearch.com/datahub/" target="_blank" rel="noopener">data-hub.</a></li><li>We highlighted how liquidity, inflation and growth would all decline through June, which proved to be the correct projection. Liquidity shrank around $300bn through the month, inflation declined from from 4.9% to 4% and ISM declined from 46.9 to 46.0.</li></ul>

Each month we assess the macro environment based on liquidity, inflation and growth models. Our models were right that inflation, growth and liquidity would all drop in June, but for July we see a possible slight uptick in growth, while inflation and liquidity will continue down.Welcome to our monthly Macro Regime Indicator update. We aim at updating you on our base-case projections for liquidity, inflation and growth and how to optimally allocate according to the regime based on our empirical beta studies in the brand new asset allocation model available in our data-hub.We highlighted how liquidity, inflation and growth would all decline through June, which proved to be the correct projection. Liquidity shrank around $300bn through the month, inflation declined from from 4.9% to 4% and ISM declined from 46.9 to 46.0.

Asset Allocation Watch: Macro Regime Indicator – Introducing Our Brand New Asset Allocation Model