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

5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

5 Things We Watch: Downgrades, Cyclicals, Oil, JGBs and GDP/GDI

5 Things We Watch – Fed, ECB, BoJ, RBA & Credit

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Markets are stuck in a discussion on the JPY this morning as BoJ governor Ueda and PM Kishida held a meeting allegedly discussing FX developments.</li><li>Our models continue to signal weakness ahead for the JPY.</li><li>Even a move to 1% in the YCC-curve control has NOT allowed the BoJ to become less interventionist.</li></ul>

Markets are stuck in a discussion on the JPY this morning as BoJ governor Ueda and PM Kishida held a meeting allegedly discussing FX developments.Our models continue to signal weakness ahead for the JPY.Even a move to 1% in the YCC-curve control has NOT allowed the BoJ to become less interventionist.

FX Nugget: What Policy Normalization? The BoJ Is as Interventionist as Ever….