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

Multiple Countries / Cross Asset Strategy

<ul>
<li>Falling inflation is back in the limelight due to a range of soft forward-looking indicators, while liquidity “wobbles along” and remains above levels seen during the autumn of 2022.</li>
<li>In USDs, it is now almost a certainty that liquidity will shrink after the debt deal has been signed.</li>
<li>EUR liquidity will shrink a lot faster than USD liquidity both from a nominal and a relative perspective.</li>
</ul>


Falling inflation is back in the limelight due to a range of soft forward-looking indicators, while liquidity “wobbles along” and remains above levels seen during the autumn of 2022.
In USDs, it is now almost a certainty that liquidity will shrink after the debt deal has been signed.
EUR liquidity will shrink a lot faster than USD liquidity both from a nominal and a relative perspective.


Macro Regime Update June – Falling Inflation in the Limelight with Wobbly Liquidity