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

The Eventual Shift in Fed Policy: When & By How Much?

US Banks - Added $122bn Cash In Past 2 Weeks | Loans up $31bn | CRE Loans Down | Deposits up $113bn

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Markets are currently pricing a 97.6% probability of a pause (or rather a skip) from the Fed today.</li>
<li>Basically everything performs in the immediate aftermath of a pause</li>
<li>The USD does not weaken on average as everyone and their mother anticipates</li>
</ul>


Markets are currently pricing a 97.6% probability of a pause (or rather a skip) from the Fed today.
Basically everything performs in the immediate aftermath of a pause
The USD does not weaken on average as everyone and their mother anticipates


Fed Watch: 7 Charts on How Assets Perform when the Fed Pauses