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, Steno Research

Emil Moller

Head of Research

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul><li>Main points: Fed is riding a blind horse by letting the market dictate policy as we enter Q1 and we think that the cumulative effect of the great tightening along with the pending lags won’t be undone by the temporary easing of Financial Conditions</li><li>Rates will struggle to keep up at these levels as the disinflation (also) has a tightening component to it if rates don’t follow suit</li><li>Current labour market easing we have seen since peak is still consistent with usual recessionary patterns but is unlike to evolve in a linear manner from here.</li></ul>

Main points: Fed is riding a blind horse by letting the market dictate policy as we enter Q1 and we think that the cumulative effect of the great tightening along with the pending lags won’t be undone by the temporary easing of Financial ConditionsRates will struggle to keep up at these levels as the disinflation (also) has a tightening component to it if rates don’t follow suitCurrent labour market easing we have seen since peak is still consistent with usual recessionary patterns but is unlike to evolve in a linear manner from here.

Out of the Box #24 : Too Little Too Late Powell?