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

Macroeconomics

<ul><li>Remember the abysmal numbers seen in the US economy around the year-turn of 2022/2023 and the sharp rebound in numbers into February/March (December and January data respectively)?</li><li>Well, for those of you who have been clients of Steno Research since January, it is no surprise that these trends were driven by extreme adjustment activities in spreadsheets.</li><li>The seasonal factors in ISM Manufacturing reached record negative territory in January, but adjustments penciled in for Dec this year are clearly less extreme.</li></ul>

Remember the abysmal numbers seen in the US economy around the year-turn of 2022/2023 and the sharp rebound in numbers into February/March (December and January data respectively)?Well, for those of you who have been clients of Steno Research since January, it is no surprise that these trends were driven by extreme adjustment activities in spreadsheets.The seasonal factors in ISM Manufacturing reached record negative territory in January, but adjustments penciled in for Dec this year are clearly less extreme.

Seasonality Watch: Why a Dec hike remains in play