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 – Have markets traded the cyclical rebound in advance?

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>Hello everyone and welcome back to yet another assessment of our macro book- and as per usual accompanied by our current macro outlook!We knock on the door to a week with yet another US CPI release- this time revised:The revision we received today proved not to be the unpleasant surprise everyone feared given the 2023 revision and Waller &amp; Powell both having flagged it and as a result, our expectations of a soft print remain unchanged- for elaboration see here.</li><li>While it might feel like we’re repeating ourselves, our belief in the USD and US risk assets being the best options out there hasn’t budged.</li><li>That said, we’ve been tossing around a few ideas and topics internally over the last week: Markets haven’t continued the dramatic price movements since last Friday’s (some might label it as “fake”, see here) NFP blowout, but it’s noteworthy that short-term expectations are significantly outstripping those further along the curve.</li></ul>

Hello everyone and welcome back to yet another assessment of our macro book- and as per usual accompanied by our current macro outlook!We knock on the door to a week with yet another US CPI release- this time revised:The revision we received today proved not to be the unpleasant surprise everyone feared given the 2023 revision and Waller &amp; Powell both having flagged it and as a result, our expectations of a soft print remain unchanged- for elaboration see here.While it might feel like we’re repeating ourselves, our belief in the USD and US risk assets being the best options out there hasn’t budged.That said, we’ve been tossing around a few ideas and topics internally over the last week: Markets haven’t continued the dramatic price movements since last Friday’s (some might label it as “fake”, see here) NFP blowout, but it’s noteworthy that short-term expectations are significantly outstripping those further along the curve.

Portfolio Watch: NVDA or Bust?