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

Macroeconomics

<ul><li>Hello everyone, and welcome back to our weekly Portfolio Watch, where we dive into the latest market trends and candidly assess our portfolio. All the talk in town is the US Treasury market and it seems no matter where you place your chips you are effectively trading the momentum of US bonds, if not directly then by proxy.</li><li>As a token of the current uncertainty within the safest and most liquid fixed-income market in the world, yesterday’s howler of a 30-year treasury auction stands out as an example of just how on-edge nerves are in the financial markets these days.</li><li>If the 30y auction was a reality check on the duration appetite we can only imagine the actual consequences of a standard QRA issuance plan and not the heavy bill-tilted one that Secretary Yellen ended up presenting.</li></ul>

Hello everyone, and welcome back to our weekly Portfolio Watch, where we dive into the latest market trends and candidly assess our portfolio. All the talk in town is the US Treasury market and it seems no matter where you place your chips you are effectively trading the momentum of US bonds, if not directly then by proxy.As a token of the current uncertainty within the safest and most liquid fixed-income market in the world, yesterday’s howler of a 30-year treasury auction stands out as an example of just how on-edge nerves are in the financial markets these days.If the 30y auction was a reality check on the duration appetite we can only imagine the actual consequences of a standard QRA issuance plan and not the heavy bill-tilted one that Secretary Yellen ended up presenting.

Portfolio Watch: Staying Afloat in a Storm of Uncertainty