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

Macroeconomics

<ul><li>Main takeaways: The recent bond-relief onset by the QRA needs risk-off sentiment to be sustained. If not we may well see further pain coming into 2024</li><li>CBO’s &amp; OMB’s forecasts are all over the place and based on a soft landing and no additional spending for 2024 (good luck)</li><li>Treasury Borrowing Advisory Council’s funding recommendations that outline the issuance plans are based on the forecasts above and will likely surprise markets substantially unless we see a fiscal consolidation</li></ul>

Main takeaways: The recent bond-relief onset by the QRA needs risk-off sentiment to be sustained. If not we may well see further pain coming into 2024CBO’s &amp; OMB’s forecasts are all over the place and based on a soft landing and no additional spending for 2024 (good luck)Treasury Borrowing Advisory Council’s funding recommendations that outline the issuance plans are based on the forecasts above and will likely surprise markets substantially unless we see a fiscal consolidation

Out of the Box #23: Why the Treasury undershoots actual issuance needs