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

<ul><li>Good evening from Europe! The quarterly refunding announcement is due on July 29, and it always holds the potential to spook duration markets and liquidity betas.</li><li>The release of the updated budget projections from the CBO in June garnered attention as they raised their budget deficit projections by around $400 billion compared to the winter projections in February.</li><li>Not all of these outlays are newsworthy for the US Treasury.</li></ul>

Good evening from Europe! The quarterly refunding announcement is due on July 29, and it always holds the potential to spook duration markets and liquidity betas.The release of the updated budget projections from the CBO in June garnered attention as they raised their budget deficit projections by around $400 billion compared to the winter projections in February.Not all of these outlays are newsworthy for the US Treasury.

Debt Watch: Will the US Treasury spook markets with issuance in the QRA again?