Macro Mondays

This week on Macro Sunday we take a look at Brr-man Powell, USD inflation, what happened in Russia, how to trade a Biden win & much more. Join us! Host: Andreas Steno & Mikkel Rosenvold Guest: Dario Perkins, TS Lombard 14 days free trial - https://stenoresearch.com/subscribe/ FREE macro newsletter - https://stenoresearch.com/free/ If you enjoy our content, Please subscribe to our Youtube C...

Andreas is out of town, so it's a show of contrarian takes as we discuss gold, silver and everything related. Can the gold rally continue and what metals and commodities are interesting throughout 2024? We consult the seasoned gold investor and fighter pilot Bob Moriarty of 321gold.com in this edition of Macro Sunday. Host: Mikkel Rosenvold Guest: Bob Moriarty, 321gold 14 days free trial - ht...

Oil, Copper and Silver have broken out of recent ranges and the overall commodity picture is starting to look technically compelling. Meanwhile, the inflow to the “digital commodity” Bitcoin remains strong leaving to new records by the day! We look into the physical and digital commodity markets in this weeks Macro Sunday. Guest: Mads Eberhardt 14 days free trial - https://stenoresearch.com/subscr...

Liquidity levels are improving in USDs and more may be upcoming via the depletion of the ON RRP. Will the Fed move towards more benign balance sheet policies over the course of the year? And how about a potential operation "Twist"? Meanwhile, China is allowing the public deficit to grow. Is China the next positive surprise? Guest: Joseph Wang aka. The Fed Guy 14 day free trial - https://...

The cyclical rotation of asset markets is ongoing and  the Manufacturing sector seems to be improving by the month.  The consensus is getting very upbeat on the US growth picture but what about China and Europe? Is the Rest of the World ready to beat expectations  and do you own enough commodities in case? Find our research at https://stenoresearch.com/ The FREE newsletter is found at https://sten...

Assets are melting up right, left and center as the optimism around the business cycle is improving.  Is it fair to assume that countries outside of the US are improving? And how do you trade the cyclical comeback? Crypto assets are also celebrating the cyclical uptick and we are joined by Mads Eberhardt to discuss the Crypto market post the launch of Bitcoin ETFs. Find our FREE newsletter here -...

We discuss the resurgence of US inflation, which rhymes well with our forward looking indicators.  Will inflation return to 2% at all in this cycle?  Our guest Freya Beamish of TS Lombard is not positive on China, but sees a strong structural case in Japan.  Tune in!  Find our latest insights on inflation here - https://stenoresearch.com/watch-series/g3-inflation-wage-watch-us-inflation-will-not-r...

Is the US recession called off and is it even possible to talk about a re-acceleration of the economy?  Where does it leave the hopes for a cutting cycle from the Fed and how will asset markets respond?  Remember to go to www.stenoresearch.com - launch of portfolios, 14 day free trial. Hosts: Andreas Steno, Mikkel Rosenvold & Emil Møller If you enjoy our content, Please subscribe to our Youtub...

Are we on the verge of war between the US and Iran? The Suez troubles continue but freight rates have leveled off somewhat despite growing tensions between the US and Iran. How close are we to an all in war? We look at the geopolitics and the ramifications for global markets with Jacob Shapiro of Cognitive Investments Hosts: Andreas Steno & Mikkel Rosenvold. 14 day free trial at www.stenoresea...

The hopes for a quick solution in the Red Sea are fading and the global inflation impact will likely be lasting. The crisis is now spreading from containers to dry bulk and energy.  How will Chinese, European and US markets react to this? Hosts: Andreas Steno, Mikkel Rosenvold and Emil Moller 14 day free trial at www.stenoresearch.com If you enjoy our content, Please subscribe to our Youtube Chann...

We are once again joined by our favourite global macro economist, Dario Perkins of TS Lombard, to discuss the supply shock in the Red Sea. Will the freight rates wreak havoc with the 2024 cutting cycle consensus? This is your last chance to get 30% off on your yearly subscription at www.stenoresearch.com - use macro30 to get 30% off today! Hosts: Andreas Steno & Emil Møller If you enjoy our co...

US inflation is accelerating again but the market is yet to care. Meanwhile, freight rates continue to rise on the back of increasing tensions in the Red Sea and goods inflation is threatening to come back with a vengeance. Will the Fed forward pricing prove to be off?  We discuss it with Bob Elliott of Unlimited Funds If you find our research valuable, please visit www.stenoresearch.com - there i...

The situation in the Red Sea is worsening and freight rates are on the rise in some subsectors. Can the situation escalate into a new inflation spiral and what does it mean for the positive 2024 outlooks from right about every investment bank?  We discuss the situation with a selection of analysts at Steno Research. If you find our research valuable, please visit www.stenoresearch.com - there is a...

How are markets positioned for 2024?  We discuss the consensus outlook with Marvin Barth of Thematic Markets and weigh pros/cons of betting against the consensus in various asset classes.   Will the Soft Landing narrative prevail or will tail scenarios unfold in 2024?  Happy New Years from the entire team at Steno Research14-days free trial available at: https://stenoresearch.com/subscribe/ Hosts:...

Is the new ECB/Fed inflation forecast way off?  And will inflation resurface already during 2024?  Those are key questions for asset allocators. We host a thought provoking discussion with the tremendous Claus Vistesen of Pantheon. Find out more at www.stenoresearch.com - always 14 days free trial access to our research https://stenoresearch.com/subscribe/ Hosts: Andreas Steno 🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 t...

Jay Powell invited for a massive risk asset party after the Fed opened the door for several cuts in 2023. Will the Fed suddenly prove to be the most dovish of the big central banks anyway? We assess the outlook for the big three central banks while also discussing whether this is a mid-cycle rate cutting cycle or the start of a recession.    Our guest of the week, Raoul Pal, thinks we are in an ea...

Gold has been rallying hard alongside bonds in October and November, but who are the buyers? Retail or central banks? We discuss the Gold outlook with the author of In Gold We Trust, Ronnie Stoeferle of Incrementum Funds On top of that, we discuss the situation in Guyana and the ramifications for our suffering oil longs. Find out more at www.stenoresearch.com - always 14 days free trial access to...

We are joined by the renowned Tech investor Cathie Woods of ARK to discuss the rally in duration heavy equity assets through 2023. Will the rally continue if the Fed is done hiking? And will US Treasury markets also deliver better returns in 2024? All that amidst the turbulence from the OPEC meeting. Hosts: Andreas Steno and Emil Møller Guest: Cathie Woods from https://ark-invest.com/ Steno Resear...

We host the former Chief of the Energy unit at the US Embassy in Kiev and co-founder of the Eney LCC, Suriya Jayanti for a discussion of the malaise in offshore wind markets. Why is wind energy suffering and is China to blame? Tune in as we discuss the future energy mix in Europe and the US in light of recent developments and how it is likely to impact your portfolio. For more information about St...

We host the great Mike Green for a talk on the outlook for the strong-going US economy in comparison to Europe and Asia. We also cover the softer-than-expected CPI prints and the subsequent rally in equities and take a victory lap on our Germany trade. To see our full model portfolio and access all our research, sign up for a FREE 2-week trial at www.stenoresearch.com. Hosts: Andreas Steno and Emi...

 We are joined by one of the best central bank watchers in the world, Dario Perkins of TS Lombard to discuss whether negative equity in central banks practically matter.  Dario says theoretically no, but practically yes while also introducing his "Perkins rule" for recession watching.  Check out our new Crypto content at https://stenoresearch.com/category/crypto-moves/ and sign up for a...

The Bank of Japan is the only major currency authority in the post-COVID era to fight back against USD strength via intervention - and win. Can they pull it off again?  We host the great Weston Nakamura for a deep-dive into the Japanese monetary and fiscal policy. Towards the end, we give an update on our current positioning and the portfolio outlook for the remainder of 2023. Use "macro30&qu...

We host the great Bob Elliott of Unlimited Funds to a deep dive into the outlook for US Treasuries. What does the new House speaker and upcoming appropriations talks mean for markets and treasuries and how will the US fund yet another war? We also discuss the newest inflations trends and how we position ourselves in these testing times. Use "macro30" to get 30% off your first purchase at...

Live from his vacation home in sunny Spain, Andreas hosts the great Steen Jakobsen of Saxo Bank to a talk on commodities, positioning and in particular "Inflation math". Why are we so slow to adjusting our thinking to a high interest and high inflation environment and how should we adapt? Hear a great analysis from Steen as well as an update on our very own portfolio and current research...

We host the great Warren Pies in a discussion on oil, bonds and everything related. Are energy stocks the new bonds and why? We take a closer look. We also cover recent movements on our model portfolio and what changes we see coming up. Hosts: Andreas Steno and Emil Moller Guest: 3Fourteen Research Use "macro30" to get 30% off your first purchase at www.stenoresearch.com 🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘...