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

Macro Nugget: Why the price at the pump matters for inflation expectations

The Great Game: Why Russia is Really Cutting Diesel Exports

Head of Research, Steno Research

Emil Moller

Head of Research

Thematic (Sector/Industry)

United states Banks / Thematic (Sector/Industry)

<ul><li>Recently the FED released its H4 recently which bears some interesting insights into the state of the US banking sector.</li><li>The Reverse Repo facility has been squashed since May while the bank reserves have remained relatively stable.</li><li>We are not at all surprised by the banks’ continued caution throughout the summer, and we expect this risk-averse attitude to persist in the coming quarters.</li></ul>

Recently the FED released its H4 recently which bears some interesting insights into the state of the US banking sector.The Reverse Repo facility has been squashed since May while the bank reserves have remained relatively stable.We are not at all surprised by the banks’ continued caution throughout the summer, and we expect this risk-averse attitude to persist in the coming quarters.

Macro Nugget: US Banks