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>We haven’t made significant changes to our portfolio in recent days due to a lack of conviction in the current market price action.</li><li>However, we are not blind to the risks currently present in the US economic cycle.</li><li>The job market is normalizing linearly, but the risk is that it normalizes linearly until it weakens exponentially.</li></ul>

We haven’t made significant changes to our portfolio in recent days due to a lack of conviction in the current market price action.However, we are not blind to the risks currently present in the US economic cycle.The job market is normalizing linearly, but the risk is that it normalizes linearly until it weakens exponentially.

Portfolio Watch: Not worth betting on a recession (yet)