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Steno Signals #180 - Some men just want to see the world burn (but not Trump)
Consensus is being torn apart from every direction—right, left, and center. This is typical in the early stages of a new trading year. So, what’s the…
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AndreasStenoLarsen
Steno Signals #179: A handful of trades for 2025
Here’s a look at 2025 and how to trade macro. The short-term outlook remains heavily dependent on the debt ceiling, but there are reasons to be…
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AndreasStenoLarsen
Steno Signals #178 - Brace yourselves, liquidity is coming!
Contrary to the current prevailing consensus, liquidity appears poised to improve significantly during January. The debt ceiling dynamics play a crucial…
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AndreasStenoLarsen

December 2024

Steno Signals #177 - The next liquidity trick arrives in January! Stealth-QE time?
Most risk-takers were caught off guard by Powell's attempts to bring the Fed ahead of the hawkish repricing last week. Will this prove to be another…
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AndreasStenoLarsen
Steno Signals #176 - 3 ideas if 2025 turns out as 2021
Markets are back discussing inflation fears ahead of 2025, but is it really such a big thing? The outcome space for 2025 is huge and I am personally…
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AndreasStenoLarsen
Steno Signals #175 - 4 asymmetrical cases for Santa Powell
The labor market report was weak enough to keep the Fed on an easing path but not weak enough to truly spook otherwise stretched risk asset markets…
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AndreasStenoLarsen
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Steno Signals #128 - I thought Trump and Tariffs were supposed to lead to bond riot?
The trend shift in fixed income is remarkable and sharply contrarian to the post-Trump consensus. We expect more of the same ahead, coupled with a firm…
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AndreasStenoLarsen
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November 2024

China Watch: Forget About the BRICS Currency - China Wants to Impact the USD from Within
The Chinese issuance of USD-denominated bonds in Saudi Arabia may seem negligible on the surface, but it holds significant signal value for the…
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AndreasStenoLarsen
Steno Signals #127 - We need a bit of bad news for liquidity to improve
Liquidity trends remain tighter than anticipated, primarily affecting government bond and repo markets. The current market frenzy actually needs a bit…
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AndreasStenoLarsen
Steno Signals #126 - Where did all the liquidity go?
The liquidity situation remains tight, and this cycle continues to defy the norm. Will activity and inflation return before Powell and his peers truly…
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AndreasStenoLarsen
Steno Signals #125: EUR Liquidity Overtakes USD Liquidity – A Historic Shift
We are writing history at the moment as EUR liquidity is getting more sought after than USD liquidity....
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AndreasStenoLarsen
Unlock Alpha: Join the Asgard-Steno Global Macro Fund
Leverage two powerful strategies—the Steno Macro and Asgard Risk Premia—with a strong track record of outperformance. Secure your place with a…
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AndreasStenoLarsen
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