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>If we run a model of the unemployment rate and the ISM composite growth gauge against the Federal Budget deficit/surplus, we get a gap of almost 7% of GDP</li>
<li>Individual tax refunds issued through March 2023 were 3% greater than the same period in 2022</li>
<li>A debt ceiling deal hence risks being the trigger for less bank liquidity, further deposit flights and USD liquidity</li>
</ul>


If we run a model of the unemployment rate and the ISM composite growth gauge against the Federal Budget deficit/surplus, we get a gap of almost 7% of GDP
Individual tax refunds issued through March 2023 were 3% greater than the same period in 2022
A debt ceiling deal hence risks being the trigger for less bank liquidity, further deposit flights and USD liquidity


Out of the Box #1: The Growing US Deficit and Why It Is Likely Going to Lead to Lower Interest Rates