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 and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul>
<li>We are beginning to see prices cooling but we expect no relief near term. In fact, our models predict a 15-20% decline (YoY) at the end of year 2023.</li>
<li>Nonfarm employment is evidently STARTING to give, and given its correlation to home prices, our conviction of further downside in residential is further strengthened. </li>
<li>Pending home sales are down some 41% since ATH, and that reluctance to buy is bound to hit owners HARD.</li>
</ul>


We are beginning to see prices cooling but we expect no relief near term. In fact, our models predict a 15-20% decline (YoY) at the end of year 2023.
Nonfarm employment is evidently STARTING to give, and given its correlation to home prices, our conviction of further downside in residential is further strengthened. 
Pending home sales are down some 41% since ATH, and that reluctance to buy is bound to hit owners HARD.


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