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ABSOLUTE FINAL CALL: Steno Signals #207 – The Grand Tour of All the Leading Indicators
Having been on vacation for a couple of weeks, I updated all of our leading indicators first thing upon returning to the office. Here’s your must-read…
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AndreasStenoLarsen
FINAL CALL: Steno Signals #206 – Is the GENIUS Act in fact an act of genius?
The GENIUS Act, signed into law by Trump late last week, may have a lasting impact on everything from monetary to fiscal policy. There are signs of a…
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AndreasStenoLarsen
3
Steno Signals #205 – Two months worth of PEAK Covid QE upcoming?
While all eyes are on cuts, the liquidity bazooka may be coming from regulatory tweaks. With the SLR revision freeing up capital equivalent to…
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AndreasStenoLarsen
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Steno Signals #204 - Is the Trump project still vastly misunderstood?
Ahead of a new tariffs-intensive week, we’ve asked ourselves whether the Trump project remains misunderstood by many. Where is the MAGA project…
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AndreasStenoLarsen
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AndreasStenoLarsen
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June 2025

Steno Signals #203 – Could Trump's policy mix weaken the USD by another 20%?
Trump’s wins on Canada’s digital tax and the SLR relief show he’s gaining traction. Markets still underprice a U.S. shift toward Abenomics-style policy.
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AndreasStenoLarsen
Steno Signals #202 – Peak WW3 Fears Return!
Peak Panic, Missed Signals: Why Iran won’t shut Hormuz—and why copper, not crude, is the real trade right now.
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AndreasStenoLarsen
Flash Update: Trump Seeks an Off-Ramp as Peak Fear Hits
Trump’s strike on Iran risks escalating tensions, but with both sides seeking an off-ramp, markets may be vastly overpricing the threat of a broader…
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AndreasStenoLarsen
Steno Signals #201 - The Mullahs Are Toast - re-inflation is back!
It seems Israel is going all-in on a regime shift—and they might actually get it. While this leaves the region facing an uncertain scenario, we struggle…
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AndreasStenoLarsen
Steno Signals #200 - The Liquidity Boom That Nobody Expects
While markets broadly agree that some sort of re-acceleration in inflation will happen over the summer, the ongoing liquidity boom has gone under the…
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AndreasStenoLarsen
Steno Signals – “Russia’s Pearl Harbor” Is USD-Negative
The situation in Ukraine and Russia demands attention, and it's likely that Trump will need to shake things up to force a resolution. This may include…
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AndreasStenoLarsen

May 2025

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