Macro Mondays

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  1. Bitcoin Soars, Japanese Bonds Buckle

    6 oktober 2025 · 29 min

    Afspelen
    Andreas Steno and Mikkel Rosenvold of Steno Research break down the latest news and trends driving markets, from inflation and labor data to Bitcoin’s rally and the Japanese bond market action. Lees meer

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  2. Fed Cuts, Flash Crash, and Geopolitics

    23 september 2025 · 30 min

    Afspelen
    Andreas Steno and Mikkel Rosenvold of Steno Research are back to break down the biggest news and trends driving global markets. Lees meer

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  3. Most-Hated Rally Ever?

    16 september 2025 · 30 min

    Afspelen
    Andreas Steno Larsen and Mikkel Rosenvold of Steno Research preview the upcoming Fed interest rate decision and break down everyting driving markets right now. Here's what's on the docket: Why the current U.S. equity rally is still the “most-hated” on Wall Street, how AI-driven CapEx could reshape the business cycle, shifting U.S.-China trade ties, dollar positioning, and what it all means for crypto and risk assets. Lees meer

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  4. Weak U.S. Jobs, Europe in Crisis, & the Oil Setup

    8 september 2025 · 31 min

    Afspelen
    Andreas Steno and Mikkel Rosenvold of Steno Research dissect the latest news and trends after another weak jobs reports injected more uncertainty into markets. From what the labor data means for rate cuts to oil’s contrarian setup and political crises in France and the UK, they connect the dots. Lees meer

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  5. Crypto Volatility, China Rallies... Is the U.S. Next?

    26 augustus 2025 · 31 min

    Afspelen
    Andreas Steno and Mikkel Rosenvold of Steno Research are back to break down the fallout from Fed Chair Jerome Powell’s Jackson Hole press conference, Trump’s attacks on Fed Governor Lisa Cook, and the growing political pressure on the FOMC. They also dive into U.S. equity flows, crypto volatility, China’s stock rally, and why investors may be underestimating America’s rebound. Lees meer

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  6. Strong Dollar Means Weak Dollar?

    12 augustus 2025 · 33 min

    Afspelen
    Andreas Steno Larsen and Mikkel Rosenvold of Steno Research go live to unpack the latest in global macro. From Trump’s surprising “strong dollar” definition to the Alaska peace talks, they explore how geopolitics, tariffs, and dollar policy intersect with markets. Plus, a look ahead to CPI, the Fed chair race, and why Ethereum’s next big move could already be in motion. Lees meer

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  7. Global Trade Rewired

    10 juli 2025 · 34 min

    Afspelen
    Andreas Steno, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, the firm’s partner and head of geopolitics to disucss Sweden's Inflation surprises, AI disrupting jobs, and the next phase of the trade war. Lees meer

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  8. Iran Tensions Over?

    24 juni 2025 · 28 min

    Afspelen
    NOTE: This episode was recorded and streamed on Monday, before the Iranian strikes on Qatar and the subsequent cease-fire. To watch the show live in the future, follow Macro Mondays on Youtube: https://www.youtube.com/watch?v=CvQWgrDu1KI&list=PLSm3lKwpfZ_By9fz6p9bUBO8T9sPJijKF&index=1 Lees meer

    Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, Steno Research partner and head of geopolitics, to break down the latest news and forces driving global markets. From the Israel-Iran war to the future path of interest rate, they unpack how central bank policy and geopolitical factors are fueling volatility and shifts in market positioning.

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  9. Geopolitics Driving Markets Again

    17 juni 2025 · 22 min

    Afspelen
    Andreas Steno, founder and CEO of Steno Research, is back with Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to break down the latest news and trends driving global markets. From escalating Ukraine-Russia tensions and the Israel-Iran standoff to the latest twists in U.S.-China trade talks, they unpack how geopolitics is driving market volatility, shaping risk assets, and influencing macro positioning. Lees meer

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  10. Ukraine strikes and the state of sanctions

    3 juni 2025 · 26 min

    Afspelen
    Andreas Steno, founder and CEO of Steno Research, joins Mikkel Rosenvold, the firm's partner and head of geopolitics, to discuss the latest Ukrainian drone strike on Russian air bases, surging commodity prices, the state of sanctions, and why the U.S. dollar is weakening. Lees meer

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  11. Downgrades, Debt, and Digital Gold

    19 mei 2025 · 31 min

    Afspelen
    Andreas Steno, founder and CEO of Steno Research, is back with Mikkel Rosenvold, partner and head of geopolitics at Steno Research, to break down Moody’s U.S. debt downgrade, Trump’s Middle East investment tour, and bitcoin's price action amid rising bond yields. Lees meer

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  12. A Path to Trade War Diffusion

    13 mei 2025 · 26 min

    Afspelen
    Steno Research founder and CEO Andreas Steno Larsen is back with his co-host Mikkel Rosenvold, partner and head of geopolitics at Steno Research, to unpack the U.S.-China trade agreement, the market's reaction, and the key narratives and risks investors need to watch right now. Lees meer

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  13. Is Trump’s Plan Working?

    5 mei 2025 · 30 min

    Afspelen
    Steno Research founder and CEO Andreas Steno Larsen is back with his co-host, Mikkel Rosenvold, the company’s partner and head of geopolitics, to dissect whether Donald Trump’s trade war strategy is bearing fruit as China purchases U.S. Treasuries. Plus, they examine what sparked a sudden volatility spike in the New Taiwan dollar. Lees meer

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  14. Is Macro Data Dead?

    28 april 2025 · 30 min

    Afspelen
    Steno Research founder and CEO Andreas Steno Larsen is back with his co-host Mikkel Rosenvold, the firm's partner and head of geopolitics, to examine the latest news and trends driving global markets. From Ukraine-Russia ceasefire talks to the U.S.-China trade war, dollar debasement, and the bitcoin rally, they cover it all. Lees meer

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  15. What Could Reverse This Market Meltdown?

    8 april 2025 · 30 min

    Afspelen
    Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, the firm's partner and head of geopolitics, to make some sense of the latest news and trends moving driving global markets on this live edition of Macro Mondays. Lees meer

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  16. No more safe havens? Well, maybe...

    1 april 2025 · 28 min

    Afspelen
    Steno Research founder and CEO Andreas Steno Larsen is back with his co-host Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to break down the volatile market environment, the impact of the incoming Trump tariffs, and why it's time to worry about China and Europe. Lees meer

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  17. How to Trade the Geopolitical Firehose

    25 maart 2025 · 32 min

    Afspelen
    Steno Research partner and head of geopolitics, as well as COO of Asgard-Steno Global Macro, Mikkel Rosenvold is here to break down the many geopolitical events that are affecting investor sentiment right now and how to trade them, including tariffs, Ukraine, Turkey, and more. Lees meer

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  18. How to trade the inflation schism

    18 maart 2025 · 37 min

    Afspelen
    Andreas Steno Larsen, founder and CEO of Steno Research and CIO at Asgard-Steno Global Marco, is back with his co-host Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to break down the latest news and forces driving global markets on this live edition of Macro Mondays. They discuss the American strikes against the Houthis in Yemen, European fund managers getting wary of Tesla, the global trade barriers, and whether they could bring back the inflation conundrum. Lees meer

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  19. Have We Reached the Bottom in Equities?

    11 maart 2025 · 33 min

    Afspelen
    Andreas Steno Larsen, founder and CEO of Steno Research and CIO at Asgard-Steno Global Marco, is back with his co-host Mikkel Rosenvold, Steno Research's head of geopolitics and the fund's COO, to break down the latest global macro trends and news. They dive into the state of the stock market, how much tariffs could affect inflation, where the U.S. dollar is headed, and much more. Lees meer

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  20. Why reciprocal tariffs are a GOOD thing

    17 februari 2025 · 35 min

    Afspelen
    In the weekly macro update, Andreas Steno and Mikkel Rosenvold guide you through current macro events, including tariffs, Ukraine, liquidity and soft commodities. Lees meer

    Hear why:

    - Peace in Ukraine might be imminent
    - Reciprocal tariffs are GOOD
    - Sugar might be the hottest commodity

    And much more!

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  21. Could Trump actually bring global tariffs DOWN?

    11 februari 2025 · 30 min

    Afspelen
    Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, the firm’s partner and head of geopolitics, to break down the latest news and forces driving global markets on this live edition of Macro Mondays. Lees meer

    Timestamps:
    00:00:08 – Introduction & Market Overview
    00:00:30 – Trump’s Tariff Moves: Market Implications
    00:01:49 – Global Leaders Navigating U.S. Trade Policies
    00:02:58 – Real Vision Sneak Peek & Macro Analysis
    00:04:04 – Kanye West’s Surprising Take on Liquidity
    00:06:08 – Ethereum Sentiment at Rock Bottom?
    00:07:44 – The Business Cycle Outlook for 2025
    00:10:07 – Manufacturing Rebound: The Key Bullish Signal
    00:11:19 – Global Equities: Who’s Winning in 2025?
    00:13:11 – Commodities & Inflation Trends to Watch
    00:15:26 – The Impact of Trump’s Deregulation on Financials
    00:19:08 – Geopolitical Risks Are Fading—What That Means
    00:20:12 – The Dollar’s Future: When Will It Weaken?
    00:22:48 – Tariff Wars: How Europe Might Benefit
    00:25:13 – CPI Predictions & Market Expectations
    00:28:17 – Key Investment Opportunities & Final Thoughts

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  22. 3 Good Tariff Trades for a Crazy Week!

    3 februari 2025 · 30 min

    Afspelen
    Andreas Steno Larsen, founder, and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to break down the latest news in markets. Lees meer

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    01:46 - Macro Mondays: Global Markets and Trade Wars
    3:15 - Deep Sea AI: From Major Breakthrough to Market Fizzle?
    04:50 - Trade War…

  23. DeepSeek panic or opportunity?

    28 januari 2025 · 26 min

    Afspelen
    Apologies for the late update - we had some technical difficulties. Remember to check out RealVision.com for your options and extended coverage. Lees meer

    Hosts: Mikkel Rosenvold and Andreas Steno

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  24. Trump Inauguration Preview - And everything NOT Trump

    20 januari 2025 · 31 min

    Afspelen
    We preview the Trump Inauguration from a Macro perspective - AND try to take a break from all the Trump nonsense with some good old macro analysis! Lees meer

    Hosts: Mikkel Rosenvold and Andreas Steno

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  25. Raoul Pal: What Happens If Trump's Dollar Playbook FAILS?

    13 januari 2025 · 34 min

    Afspelen
    🔥 Get Raoul Pal's FREE PDF report: https://rvtv.io/3YOZZUe. Andreas is back with Raoul Pal ‪@RaoulPalTJM‬ our special guest to break it all down live… Lees meer

    Andreas Steno Larsen, founder and CEO of Steno Research, welcomes Real Vision co-founder and CEO Raoul Pal to break down the strength of the US dollar, inflation expectations, and the role of liquidity in driving growth.

    Timestamps:
    00:00 - Introduction:
    01:32 - The Dollar Surge: What's Driving Currency Markets?
    03:07 - Trump's Economic Strategy: Tariffs, Dollar Strength, and Negotiations"
    05:20 - Monetary Policies in 2025: Echoes of 2016 and QE Predictions"
    07:17 - Bitcoin and Markets: Parallels to 2017 and the Next Move
    12:30 - UK Bond Market Troubles: A Canary in the Coal Mine?
    15:43 - Inflation and Liquidity: Navigating the Economic Crossroads
    20:40 - Retail Sales Boom: The Early Signs of Economic Revival
    27:53 - Crypto’s Liquidity Role: How to Prepare for the Next Rally
    33:07 - Closing Thoughts: Upcoming Events and Macro Strategies

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  26. These Are the TOP Trades for 2025

    7 januari 2025 · 36 min

    Afspelen
    Bitcoin back over 100K! Andreas & Mikkel discuss tariffs, QE, and market strategies for 2025. Lees meer

    Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to on the key market drivers of 2025, from Trump tariffs to the recent crypto surge plus 5 trades they see working in 2025.

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  27. 5 good trades for 2025

    16 december 2024 · 32 min

    Afspelen
    Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to discuss the latest inflation fears and the impact of China’s stimulus plan on global trade dynamics and equity flows in the new year. Lees meer

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  28. Macro Mondays: Global Stimulus Signals

    10 december 2024 · 29 min

    Afspelen
    Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, the firm's head of geopolitics, to explore the shifts in global markets as the civil war in Syria seems to come to an end. From why China’s “moderately loose” policy language suggests massive stimulus incoming to Fed rate cut hints and Europe's better-than-expected outlook, it’s a packed session of actionable insights. Lees meer

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  29. Trump vs. China: What’s Next for Global Markets?

    3 december 2024 · 34 min

    Afspelen
    Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, the firm's head of geopolitics, to break down the latest forces driving global markets on another live edition of Macro Mondays. This week, they discuss crypto's surge, shifting trends within the fixed income, and the outlook on China after Trump's threats of higher tariffs. Lees meer

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  30. Markets Are Screaming for Liquidity

    25 november 2024 · 35 min

    Afspelen
    🔥 Black Friday SALE: Up to 50% OFF across Real Vision https://rvtv.io/4eZ2PLr. Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to break down the latest news and forces driving global markets on this live edition of Macro Mondays. Lees meer

    This week, they discuss how leveraged investing could impact bitcoin, altcoins, and crypto-related equities, where to find value in macro markets right now, what global financial conditions suggest about bonds and the Fed rate-cutting cycle, and much more.

    And don’t miss up to 50% OFF Real Vision memberships, upgrades, merch and more. Black Friday is here: https://rvtv.io/4eZ2PLr

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  31. Will the Fed Finish the Job?

    19 november 2024 · 26 min

    Afspelen
    Will the Fed Finish the Job? Andreas Steno Larsen, founder and CEO of Steno Research, is back with his co-host Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to break down the latest news and forces driving global markets on this live edition of Macro Mondays. Lees meer

    Check more from the duo at www.stenoresearch.com

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  32. Macro Mondays #74 - When the Trump bet dies, here's what to look for

    11 november 2024 · 31 min

    Afspelen
    We assess the fallout from the Presidential election. How long will the Trump wave last and what's hiding behind it all in the macro world? Lees meer

    Host: Andreas Steno & Mikkel Rosenvold

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  33. Macro Mondays #73 - What the f*ck is happening to Bonds?

    4 november 2024 · 42 min

    Afspelen
    As the election looms we take a closer look at the bond market in the aftermath of an abysmal jobs report on Friday. We also preview Fed and BoE meetings and Chinese stimulus news. Lees meer

    Monetary Metals pays a yield on gold and silver in physical ounces of metal, with free storage and insurance. Right now, you can earn 2-5% on gold, paid in gold, and up to 12% annually on silver, paid in silver, in their latest offerings. Go to www.realvision.com/metals for more information.

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  34. Macro Mondays #72 - Are markets prepared for a liquidity tsunami?

    28 oktober 2024 · 28 min

    Afspelen
    We take a closer look at the upcoming wave if liquidity expected from the US Fed. How is Andreas Steno positioned for this and how can you prepare? Lees meer

    We also dive into the current sell off in oil and rising bond yields - plus a very interesting election result in Japan

    Monetary Metals pays a yield on gold and silver in physical ounces of metal, with free storage and insurance. Right now, you can earn 2-5% on gold, paid in gold, and up to 12% annually on silver, paid in silver, in their latest offerings. Go to www.realvision.com/metals for more information.

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  35. Macro Mondays #71 - the Polymarket effect

    21 oktober 2024 · 36 min

    Afspelen
    Has the volatile Polymarket betting on the US Presidential Election boosted the USD and what does this tell us about markets and the likely reception of a Trump win? Lees meer

    We cover the outlook for US inflation and growth as well as the ECB cutting season and the chances of a jumbo cut at their next meeting.

    Read more about Andreas' new macro strategy right here: www.stenoglobalmacro.com"

    Monetary Metals pays a yield on gold and silver in physical ounces of metal, with free storage and insurance. Right now, you can earn 2-5% on gold, paid in gold, and up to 12% annually on silver, paid in silver, in their latest offerings. Go to www.realvision.com/metals for more information.

    Check out the episode on youtube to see the graphs & videos we look at.

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  36. Macro Mondays #70 - The Beijing Nothing Burger

    15 oktober 2024 · 36 min

    Afspelen
    The Beijing "fiscal bazooka" has been center of attention in global macro in recent weeks, but what did we actually get from the Chinese government and what is the outlook for the Chinese economy? We also cover the upcoming USD liquidity tsunami and how that should affect your risk balance in USD markets. Lees meer

    Monetary Metals pays a yield on gold and silver in physical ounces of metal, with free storage and insurance. Right now, you can earn 2-5% on gold, paid in gold, and up to 12% annually on silver, paid in silver, in their latest offerings. Go to www.realvision.com/metals for more information.

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    Disclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

  37. Macro Mondays #69 - Stimulating an OK economy

    7 oktober 2024 · 28 min

    Afspelen
    Is the Fed cutting into strenght, and will the economy make a comeback into 2025? We look at the models after the NFP surprise. Lees meer

    Monetary Metals pays a yield on gold and silver in physical ounces of metal, with free storage and insurance. Right now, you can earn 2-5% on gold, paid in gold, and up to 12% annually on silver, paid in silver, in their latest offerings. Go to www.realvision.com/metals for more information.

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  38. Macro Mondays #68 - China bringing a potent knife to a gunfight?

    30 september 2024 · 30 min

    Afspelen
    The rally in Chinese-linked assets is one of the most bizarre seen in newer financial markets history. Is the Chinese stimulus package a game-changer or is it insufficient to structurally turn the tide? Meanwhile, a wave of liquidity will arrive in Q4. Lees meer

    Monetary Metals pays a yield on gold and silver in physical ounces of metal, with free storage and insurance. Right now, you can earn 2-5% on gold, paid in gold, and up to 12% annually on silver, paid in silver, in their latest offerings. Go to www.realvision.com/metals for more information.

    Check out the episode on youtube to see the graphs & videos we look at.

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  39. Macro Mondays #67 - How to position for the cutting season?

    23 september 2024 · 40 min

    Afspelen
    We digest the jumbo cut and take a deep dive into what our models tell us about the ideal positioning in this scenario.
    We also cover key risk areas - both in the Middle East and in the US hiring numbers.
    Lees meer

    Check out the episode on youtube to see the graphs & videos we look at.

    Monetary Metals pays a yield on gold and silver in physical ounces of metal, with free storage and insurance. Right now, you can earn 2-5% on gold, paid in gold, and up to 12% annually on silver, paid in silver, in their latest offerings. Go to www.realvision.com/metals for more information.

    🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe

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  40. Macro Mondays #66 - 25BP or 50BP? And how to position

    16 september 2024 · 29 min

    Afspelen
    We evaluate last week's key CPI numbers and look ahead to the FOMC meeting this week. While a cut seems destined, it's going to be extremely key whether the Fed opts for a 25 or 50 bp cut. We gauge the chances and talks positioning - including Fixed Income and Commodities. Lees meer

    Check out the episode on youtube to see the graphs & videos we look at.

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  41. Macro Mondays #65 - Is this sell-off even worse?

    9 september 2024 · 34 min

    Afspelen
    It's been another red week in markets, so we take a closer look at the macro factors driving the development and what the outlook is for the coming weeks and months. We look at US liquidity trends as well as growth trends in China - who both could be pointing at a worse and stickier sell-off. Finally, we touch upon the US presidential debate tomorrow! Lees meer

    Check out the episode on youtube to see the videos & memes we look at.

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  42. Macro Mondays #64 - Was the H1 Rebound a fake?

    3 september 2024 · 34 min

    Afspelen
    We take a closer look at the manufacturing rebound in the first half of 2024. Was is a real rebound or driven by temporary, "fake" circumstances like the China tarriffs? Lees meer

    We also dive into our current macro regime which suggests a bleak september. That could also be the case for the oil producing countries, which we take a closer look at this week too.

    Check out the episode on youtube to see the videos & memes we look at.

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  43. Macro Mondays #63 - What to make of Powell's Jackson Hole Speech

    26 augustus 2024 · 31 min

    Afspelen
    We take a closer look at Jay Powell's Jackson Hole Speech and gauge the unemployment and inflation outlook for the US. Furthermore, we dive into the USDJPY trade and why Powell's cutting season might be a catastrophe for Ueda and Japan Lees meer

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  44. Macro Mondays #62 - Shelter, liquidity & is it time to buy again?

    19 augustus 2024 · 41 min

    Afspelen
    This week we take a look at whats going on in the Ukraine, advisors taking a pessimistic turn, where is liquidity headed & is it time to buy again? Lees meer

    Joining us is Bob Elliott from Unlimited Funds.
    https://x.com/bobeunlimited

    Check out the episode on youtube to see the videos & memes we look at.

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  45. Macro Mondays #61 - Advisors turning pessimistic & The Ukraine

    12 augustus 2024 · 41 min

    Afspelen
    This week we take a look at the macro regime model, is it time to buy again, where is liquidity headed & what is going on in the Ukraine? Lees meer

    Join us!

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  46. Macro Mondays #60 - BoJ Aftermath & The Gold Trade.

    5 augustus 2024 · 33 min

    Afspelen
    This week we take a look at the Fed meeting and how it went, the middle east turmoil, the BoJ aftermath and much more! Lees meer

    Check out the episode on youtube to see the videos & memes we look at.

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  47. Macro Mondays #59 - Stop worrying about employment and look forward!

    29 juli 2024 · 38 min

    Afspelen
    We take a closer look at last weeks correction and the outlook for risk assets. Furthermore, we dive into this week's BoJ and Fed Meetings and preview the non-farm payrolls and ISM manufacturing numbers. Hear why you should stop worrying about employment figures and look forward instead! Lees meer

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  48. Macro Mondays #58 - What will Kamalanomics look like?

    22 juli 2024 · 42 min

    Afspelen
    Join the team talking Kamala on economics, the great rotation, the CCP plenum & much more.
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  49. Macro Mondays #57 - It’s a GUNG HO SUMMER!

    15 juli 2024 · 43 min

    Afspelen
    This week we take a look at a possible Gung-Ho summer, the Cape of Good Hope traffic jam, the german bitcoin sell-off & much more!
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  50. Macro Mondays #56 - 3 recession indicators you need to watch

    8 juli 2024 · 40 min

    Afspelen
    Election Bonanza this week on Macro Mondays.
    We take a look at the UK, French & Iranian election.
    Furthermore, are we moving towards a Recession or not?
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