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

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Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>Hello Everyone and welcome back to our weekly Portfolio Watch! Quite an interesting week here leading up to central bank decisions and as per usual we will be all over it.</li><li>Goldilocks data keeps coming in but we fear markets may be a bit stretched on risk appetite, and as a result, we have closed our AI FOMO trade today.</li><li>Besides getting out of the AI we have entered a Commodity long, taken profits on USDCNY long, and added a UST steepener.</li></ul>

Hello Everyone and welcome back to our weekly Portfolio Watch! Quite an interesting week here leading up to central bank decisions and as per usual we will be all over it.Goldilocks data keeps coming in but we fear markets may be a bit stretched on risk appetite, and as a result, we have closed our AI FOMO trade today.Besides getting out of the AI we have entered a Commodity long, taken profits on USDCNY long, and added a UST steepener.

iShares 20+ Year Treasury Bond ETF (TLT US)

Portfolio Watch: Timing the Beta Exit