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

Cross Asset Strategy

<ul><li>The combination of the IRA and CSA makes up the largest investment in rural US electrification since 1936, and the most notable effect has been in construction spending within the manufacturing sector.</li><li>Favorable terms, hereunder significant tax credits, have drawn investments like moths to a flame.</li><li>Manufacturing construction is currently up some 70% YoY – Tailwinds for our cyclically tilted portfolio.</li></ul>

The combination of the IRA and CSA makes up the largest investment in rural US electrification since 1936, and the most notable effect has been in construction spending within the manufacturing sector.Favorable terms, hereunder significant tax credits, have drawn investments like moths to a flame.Manufacturing construction is currently up some 70% YoY – Tailwinds for our cyclically tilted portfolio.

Manufacturing Nugget: The Inflation Refueling Act?