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

Out of the Box #20: Gas and Steepeners Brought to You by Muftis and Tsars

Out of the Box: Central Banks Are Insolvent. How Do We Deal with It?

Out of the Box #18: Time for the Second Inflation Wave? AAAAAAH!

Head of Research, Steno Research

Emil Moller

Head of Research

Cross Asset Strategy

<ul><li>Main points:– The economic outlook is uncertain and Biden is spending like there is no tomorrow.</li><li>Recession in 2024 remains our base case– The Congress seems incapable of enforcing any fiscal discipline.</li><li>Higher structural TGA levels needed for the Treasury.</li></ul>

Main points:– The economic outlook is uncertain and Biden is spending like there is no tomorrow.Recession in 2024 remains our base case– The Congress seems incapable of enforcing any fiscal discipline.Higher structural TGA levels needed for the Treasury.

iShares 20+ Year Treasury Bond ETF (TLT US)

Out of the Box #22: Higher for Longer, Yes. But Not What You Expect