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>While we are waiting for Godot and US inflation, we have examined the liquidity outlook for the remainder of the year.</li><li><span style="font-weight: 400;">The important part of the analysis is to understand why liquidity is moving, not just if it is moving.</span></li><li><span style="font-weight: 400;">Depending on the type of liquidity additions/withdrawals, the quality of the liquidity signal improves/worsens as a driver of asset markets. </span></li></ul>

While we are waiting for Godot and US inflation, we have examined the liquidity outlook for the remainder of the year.The important part of the analysis is to understand why liquidity is moving, not just if it is moving.Depending on the type of liquidity additions/withdrawals, the quality of the liquidity signal improves/worsens as a driver of asset markets. 

Liquidity watch: Two major waves of liquidity left this year of varying quality