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

Portfolio Watch: Liquidity the Name of the Game

Elias Lisberg Glistrup

Macroeconomics

<ul><li>The Fed was ‘navigating by the stars under cloudy skies’, but now markets have implicitly been allowed a go.</li><li>The provisional result? Rally in bonds and a subsequent rally in equities.</li><li><span style="font-weight: 400;">In this week’s Portfolio Watch, we’ll have a closer look at the reasoning behind the move lower in yields and whether they are a sign of misalignment between hopes and expectations versus still lingering suboptimal fundamentals. We also try to gauge whether the recent weakness in the USD will continue, and its link to the manufacturing cycle. </span></li></ul>

The Fed was ‘navigating by the stars under cloudy skies’, but now markets have implicitly been allowed a go.The provisional result? Rally in bonds and a subsequent rally in equities.In this week’s Portfolio Watch, we’ll have a closer look at the reasoning behind the move lower in yields and whether they are a sign of misalignment between hopes and expectations versus still lingering suboptimal fundamentals. We also try to gauge whether the recent weakness in the USD will continue, and its link to the manufacturing cycle. 

Portfolio Watch: Celebration for the right or wrong reasons?