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

Steno Signals #125: EUR Liquidity Overtakes USD Liquidity – A Historic Shift

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>We just received the meeting minutes from the November FOMC meeting, which include two important takeaways on liquidity—both of which are positive.</li><li>We have been highlighting for some time that markets are trading close to pain thresholds in USD liquidity (and below them in EUR liquidity).</li><li>The Fed is now acknowledging the need for a “put” on liquidity levels.</li></ul>

We just received the meeting minutes from the November FOMC meeting, which include two important takeaways on liquidity—both of which are positive.We have been highlighting for some time that markets are trading close to pain thresholds in USD liquidity (and below them in EUR liquidity).The Fed is now acknowledging the need for a “put” on liquidity levels.

Flash Liquidity Update: A USD liquidity PUT is now in place