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

EM by EM #25 Lighting the fuse in the Middle East?

EM by EM #27 Not a Bazooka, but a Pumpgun

EM by EM #28 The Truth Hidden in Plain Sight

EM by EM #23 Playing the Least Dirty Laundry Vs the Dirtiest

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul>
<li>This week’s standout story has undeniably been the startling EIA report from the US.</li>
<li>Unless we receive a substantial revision or information that undermines the bleak picture -the unfortunate reality is probably that US consumers are, regrettably, capitulating.</li>
<li>If this proves to be true, it aligns with the somewhat disheartening credit card spending data from BofA, as well as the diminishing excess savings and eroding real disposable incomes</li>
</ul>


This week’s standout story has undeniably been the startling EIA report from the US.
Unless we receive a substantial revision or information that undermines the bleak picture -the unfortunate reality is probably that US consumers are, regrettably, capitulating.
If this proves to be true, it aligns with the somewhat disheartening credit card spending data from BofA, as well as the diminishing excess savings and eroding real disposable incomes


EM by EM #24 Tightening the noose on EM