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

Steno Signals #93 – Material Stealth QT Upcoming During a War Economy

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Happy Sunday and welcome to our flagship editorial!The fake business cycle strikes again.</li><li>In 2022/2023, the market was lured into the recession narrative by a weakening sentiment in various cyclical gauges such as the ISM Manufacturing.</li><li>Classic recession models are designed to try and use the cyclical momentum to assess the health of the broader economy 6-12 months later but the problem is that the cyclical economy is increasingly irrelevant for the economy.</li></ul>

Happy Sunday and welcome to our flagship editorial!The fake business cycle strikes again.In 2022/2023, the market was lured into the recession narrative by a weakening sentiment in various cyclical gauges such as the ISM Manufacturing.Classic recession models are designed to try and use the cyclical momentum to assess the health of the broader economy 6-12 months later but the problem is that the cyclical economy is increasingly irrelevant for the economy.

Steno Signals #94 – Trading the FAKE business cycle