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

Macroeconomics

<ul><li>Welcome to this second asset-specific piece during our “Business Cycle Week”.</li><li>Due to several of our indicators hinting at a short-term pick-up in cyclical activity (manufacturing), we take a look at every single major asset class and how it’s priced relative to the cycle outlook.</li><li>In this piece, we will look at rates/curves relative to the cyclical outlook.</li></ul>

Welcome to this second asset-specific piece during our “Business Cycle Week”.Due to several of our indicators hinting at a short-term pick-up in cyclical activity (manufacturing), we take a look at every single major asset class and how it’s priced relative to the cycle outlook.In this piece, we will look at rates/curves relative to the cyclical outlook.

Rates Watch: Will curves bear-steepen if the cyclical rebound is confirmed?