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

Macroeconomics

<ul><li>“The labor market remains tight, but supply and demand conditions continue to come into better balance,” We have heard Powell using this phrase continuously since last autumn and it has been a key ingredient in the dovish pivot in Q4.</li><li>But is the labour market truly coming into better balance, or is the post-pandemic equilibrium of higher wages and tighter labour market conditions of a more permanent character?</li><li>“Excess retirements” have grown sharply through 2023 again on improving wealth effects due to the rebound in equities, housing and crypto.</li></ul>

“The labor market remains tight, but supply and demand conditions continue to come into better balance,” We have heard Powell using this phrase continuously since last autumn and it has been a key ingredient in the dovish pivot in Q4.But is the labour market truly coming into better balance, or is the post-pandemic equilibrium of higher wages and tighter labour market conditions of a more permanent character?“Excess retirements” have grown sharply through 2023 again on improving wealth effects due to the rebound in equities, housing and crypto.

Labour Nugget: Could the next move be a hike?