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

U.S Debt Ceiling Countdown - 6 Charts on How the Debt Ceiling Affects Markets

Steno's Signals - S&P 500 to Bottom at 3250 in H2-2023 According To "The Waller Rule"

Asset Allocation Watch - How to Position for USD Weakness?

US Inflation Watch – a Consensus Print, but Decently Dovish Beneath the Surface

Inflation Watch: 5 Charts Showing that Inflation Has Peaked in Europe

Inflation Watch - Further Downside to US CPI Consensus

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

Macroeconomics

<ul>
<li>USA defaults on its federal debt in Q3-Q4 unless Congress raises the debt ceiling. Upcoming negotiations are looking potent as Democrats seek a 'clean' deal, while Republicans demand spending cuts.</li>
<li>The recent House Speaker elections gave hardcore fiscal Conservatives crucial institutional privileges ahead of the upcoming debt negotiations. Funding to key programs including military support for Ukraine is at risk.</li>
<li>USD liquidity will be added in February/March as a consequence of the political soap opera. This is typically USD negative and positive for risk assets on the margin. </li>
</ul>


USA defaults on its federal debt in Q3-Q4 unless Congress raises the debt ceiling. Upcoming negotiations are looking potent as Democrats seek a 'clean' deal, while Republicans demand spending cuts.
The recent House Speaker elections gave hardcore fiscal Conservatives crucial institutional privileges ahead of the upcoming debt negotiations. Funding to key programs including military support for Ukraine is at risk.
USD liquidity will be added in February/March as a consequence of the political soap opera. This is typically USD negative and positive for risk assets on the margin. 


U.S Debt Ceiling Countdown – USD Liquidity to Be Added Before the Big Political Stand Off