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

United kingdom & United states / Macroeconomics

<ul><li>The extreme volatility in the USD curve continues and Jay Powell gave a green light to further curve steepening by hinting that term premias could drive up the curve allowing the Fed to tighten a little less in the front.</li><li>In this piece, we are going to take a deep dive into central balance sheet structures in the US and in Europe, which reveals that the ECB is much more determined in its attempts to bring liquidity down relative to the Fed.</li><li>This is another reason to expect EUR-flation to drop faster than USD-flation.</li></ul>

The extreme volatility in the USD curve continues and Jay Powell gave a green light to further curve steepening by hinting that term premias could drive up the curve allowing the Fed to tighten a little less in the front.In this piece, we are going to take a deep dive into central balance sheet structures in the US and in Europe, which reveals that the ECB is much more determined in its attempts to bring liquidity down relative to the Fed.This is another reason to expect EUR-flation to drop faster than USD-flation.

Central Bank Watch: The Fed has gone from QE to QT to QB