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

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Fiscal stimulus and money supply is the main driver of the increase in consumer spending and excess savings</li>
<li>Excess savings remain solid, but the outlook is looking darker based on the approach you take in estimating future savings</li>
<li>Decreasing profit margins and increasing real wages might lead to better consumer conditions, but also an inflation wave vol. 2</li>
</ul>


Fiscal stimulus and money supply is the main driver of the increase in consumer spending and excess savings
Excess savings remain solid, but the outlook is looking darker based on the approach you take in estimating future savings
Decreasing profit margins and increasing real wages might lead to better consumer conditions, but also an inflation wave vol. 2


Spending Watch: The Great Question About Excess Savings