Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

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.

Crypto

<ul><li>In recent weeks, the crypto market has responded markedly negatively to geopolitical tensions before rebounding almost fully, as seen again this past weekend.</li><li>We believe the tensions between Israel and Iran are calming down, and we anticipate the market will soon agree.</li><li>As the market adjusts, we simultaneously expect an end to tax season effects, improving USD liquidity, while other technicalities such as the repo market will arguably likewise improve liquidity.</li></ul>

In recent weeks, the crypto market has responded markedly negatively to geopolitical tensions before rebounding almost fully, as seen again this past weekend.We believe the tensions between Israel and Iran are calming down, and we anticipate the market will soon agree.As the market adjusts, we simultaneously expect an end to tax season effects, improving USD liquidity, while other technicalities such as the repo market will arguably likewise improve liquidity.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Welcome to our weekly “the week at a glance” publication where we dissect the most important central bank meetings and key figure releases in a short and sweet format.</li><li>This week we focus on PCE prices, European PMIs and the Bank of Japan.</li><li>Event 1: European PMIs (Tues): A lukewarm, but positive, surprise.</li></ul>

Welcome to our weekly “the week at a glance” publication where we dissect the most important central bank meetings and key figure releases in a short and sweet format.This week we focus on PCE prices, European PMIs and the Bank of Japan.Event 1: European PMIs (Tues): A lukewarm, but positive, surprise.

The week at a glance: Time for the BoJ to step up, while soft PCE numbers may fool some..

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Cross Asset Strategy

<ul><li>Inflation data has been hotter than expected, remaining stubbornly above 3%</li><li>Demand in the economy has been robust, with strong retail sales and job reports</li><li>Richmond Fed President Tom Barkin discusses potential factors influencing inflation and the need for offsetting housing strength in the economy</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Inflation data has been hotter than expected, remaining stubbornly above 3%Demand in the economy has been robust, with strong retail sales and job reportsRichmond Fed President Tom Barkin discusses potential factors influencing inflation and the need for offsetting housing strength in the economyThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Richmond Fed President Tom Barkin On Getting Inflation Under Control

<ul><li>China is preparing something BIG. That seems more and more obvious to me by the week now. The question is what that BIG thing is.</li><li>China reported a strong 5.2% YoY Q1 despite troubles on the ground, local financial institutions are hoarding bonds because of a weak credit demand growth picture and the Chinese authorities seem to be stockpiling like crazy.</li><li>We have seen plenty of tin-foil theories speculating in the reasons behind those Chinese actions, but maybe China is just preparing a major one-off devaluation of the CNY?</li></ul>

China is preparing something BIG. That seems more and more obvious to me by the week now. The question is what that BIG thing is.China reported a strong 5.2% YoY Q1 despite troubles on the ground, local financial institutions are hoarding bonds because of a weak credit demand growth picture and the Chinese authorities seem to be stockpiling like crazy.We have seen plenty of tin-foil theories speculating in the reasons behind those Chinese actions, but maybe China is just preparing a major one-off devaluation of the CNY?

Steno Signals #96 – A major devaluation of the CNY could be imminent

<ul><li>Welcome to our weekly Portfolio Watch.</li><li>We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent return profile given the drawdowns seen across the asset universe.</li><li>We have been sitting on our hands due to the trickiness of timing the missiles flying back and forth in the Middle East and due to our lack of conviction that the timing is right to re-enter riskier bets.</li></ul>

Welcome to our weekly Portfolio Watch.We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent return profile given the drawdowns seen across the asset universe.We have been sitting on our hands due to the trickiness of timing the missiles flying back and forth in the Middle East and due to our lack of conviction that the timing is right to re-enter riskier bets.

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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Crypto Crisp: Up, Not Down

In recent weeks, the crypto market has responded markedly negatively to geopolitical tensions before rebounding almost fully, as seen again this...

Steno Research

The week at a glance: Time for the BoJ to step up, while soft PCE numbers may fool some..

Welcome to our weekly “the week at a glance” publication where we dissect the most important central bank meetings and key figure releases in a...

Steno Research

Richmond Fed President Tom Barkin On Getting Inflation Under Control

Flexible financing program at Netsuite.com, special Odd Lots podcast episode with Richmond Fed President Tom Barkin discussing robust demand and...

Odd Lots

Steno Signals #96 – A major devaluation of the CNY could be imminent

Happy Sunday and welcome to our flagship editorial! Remember that I will be in Singapore most of next week. Please reach out if you are Singapore...

Steno Research

Portfolio Watch: Sitting on our hands

Welcome to our weekly Portfolio Watch. We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent...

Steno Research

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