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>We find several similarities to the surprising spike in prices in August/September after the first peak in annualized price pressures in June-2022.</li>
<li>We are at an ALL-TIME-HIGH spread between the CPI and the PCE in this category, which has been a growing issue since the pandemic.</li>
<li>The tax-refund season has so far been relatively lukewarm compared to former years, but we are about to enter PEAK season this week. Positive for liquidity, all else equal.</li>
</ul>


We find several similarities to the surprising spike in prices in August/September after the first peak in annualized price pressures in June-2022.
We are at an ALL-TIME-HIGH spread between the CPI and the PCE in this category, which has been a growing issue since the pandemic.
The tax-refund season has so far been relatively lukewarm compared to former years, but we are about to enter PEAK season this week. Positive for liquidity, all else equal.


Seasonality Watch: Four Charts that Will Make You Go Hmm…