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

Positioning Watch – The Market’s Response to Another Fed Hike

Macro Regime Indicator: PMIs to drive price action together with headline inflation

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>Welcome back to the weekly Positioning Watch, where we crunch through the positioning data and point out the biggest positioning trends in global markets.</li><li>Main takeaway: Bond bears had a significant setback this week following a mild inflation report – and that comes after a substantial surge in yields the previous week.</li><li>Now, we eagerly examine the market’s repositioning here in the aftermath of the reversal.</li></ul>

Welcome back to the weekly Positioning Watch, where we crunch through the positioning data and point out the biggest positioning trends in global markets.Main takeaway: Bond bears had a significant setback this week following a mild inflation report – and that comes after a substantial surge in yields the previous week.Now, we eagerly examine the market’s repositioning here in the aftermath of the reversal.

Positioning Watch – Preparing for (dis)inflation?