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

5 Things We Watch – ISM, Energy, German manufacturing, US labor market, Global Rates

Services Nugget: How Do the Central Banks React?

U.S Debt Ceiling Countdown - 6 Charts on How the Debt Ceiling Affects Markets

U.S Debt Ceiling Countdown – USD Liquidity to Be Added Before the Big Political Stand Off

US Inflation Watch – a Consensus Print, but Decently Dovish Beneath the Surface

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>Christopher Waller from the Fed hinted of a rule-based policy setup on QT</li>
<li>If USD reserves reach 10-11% of GDP, the Fed may consider pausing the balance sheet</li>
<li>A lot of liquidity will have to be withdrawn to get to 10% of GDP - S&amp;P 500 at 3250?</li>
</ul>


Christopher Waller from the Fed hinted of a rule-based policy setup on QT
If USD reserves reach 10-11% of GDP, the Fed may consider pausing the balance sheet
A lot of liquidity will have to be withdrawn to get to 10% of GDP - S&amp;P 500 at 3250?


Steno's Signals - S&P 500 to Bottom at 3250 in H2-2023 According To "The Waller Rule"