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

Asset Allocation Watch: Best not hope for cuts

Asset Allocation Watch: Still early innings for US cyclicals?

Asset Allocation Watch: Country Garden Melt-Down? 5 Charts on Cross-Asset Spill-Overs!

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul>
<li>It is time for the FOMC meeting this afternoon/evening depending on your location and we see a high probability of the FOMC solidifying that another hike is coming in November or December, which is not the base case for markets currently (accumulative 11bps priced in for the rest of the year by the time of writing).</li>
<li>Let’s have a look at three simple chart studies on the developments in 1) Growth, 2) Inflation, and 3) Labour since the June dot plot that will be updated later.</li>
<li>Both Services and Manufacturing have clearly surprised the UPSIDE since the June meeting and all sell-side economists have been busy revising up growth forecasts.</li>
</ul>


It is time for the FOMC meeting this afternoon/evening depending on your location and we see a high probability of the FOMC solidifying that another hike is coming in November or December, which is not the base case for markets currently (accumulative 11bps priced in for the rest of the year by the time of writing).
Let’s have a look at three simple chart studies on the developments in 1) Growth, 2) Inflation, and 3) Labour since the June dot plot that will be updated later.
Both Services and Manufacturing have clearly surprised the UPSIDE since the June meeting and all sell-side economists have been busy revising up growth forecasts.


Fed Nugget: Why the Fed Dot Plot Will Remain Hawkish