Macro Strategy and Economic Forecasts by Andreas Steno Larsen

Andreas Steno Larsen is the founder of Steno Research, an independent firm producing paid macroeconomic and crypto market research. He previously served as Chief Global Strategist at Nordea, Scandinavia’s largest bank, before launching his own venture in 2022. He also hosts podcasts and contributes to Real Vision, where he covers Bitcoin, Forex, and macro cycles.

In 2025, he published The Macro Playbook: Central Banks, Crypto & Chaos, analyzing Bitcoin’s role during inflation and fiat debasement scenarios. His reports integrate crypto asset allocation into broader portfolios, making him a key advisor to hedge funds and family offices.

Steno Research generates seven-figure recurring revenue from subscriptions, with clients spanning institutional investors and high-net-worth individuals. Larsen’s achievements include raising his firm from startup to a leading independent research house, publishing analysis read by over 50,000 monthly subscribers, and cementing himself as one of Europe’s most followed macro-crypto commentators.

  • Ashutosh Sureka
  • 9 hours ago
Andreas Steno Larsen: Odds of rate hike at 36 percent ahead of Wednesday meeting
Andreas Steno Larsen, founder & CEO, highlights that the probability of a rate hike at Wednesday’s meeting is currently 36 percent. He points out that at no time in the last month or two have ...
  • Ivan Andriyenko
  • 25.07.2026
Stock return expectations are rising, Andreas Steno Larsen discusses
Andreas Steno Larsen, founder & CEO, introduces his new podcast, Rational Dissent, with its first episode exploring why investors have come to expect double-digit stock returns year after year. ...
  • Igor Krasulya
  • 23.07.2026
Andreas Steno Larsen: U.S. 10-year yield reaches highest point of President Donald Trump’s second term
Andreas Steno Larsen, founder & CEO, reports that the U.S. 10-year Treasury yield has reached 4.70 percent, marking the highest point during President Donald Trump’s second term. He highlights ...
  • Oleg Tkachenko
  • 08.07.2026
Oil soars over 2 percent after U.S. strikes Iran, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, reports that oil prices spiked minutes after U.S. military strikes against Iran were launched. West Texas Intermediate crude rose 2.9 percent to $72.46 per ...
  • Ivan Andriyenko
  • 03.07.2026
Andreas Steno Larsen: Economist magazine shifts outlook to bearish on oil prices
Andreas Steno Larsen, founder & CEO, highlights that Economist magazine has reversed its stance on oil prices, moving from earlier predictions of a significant increase to a fully bearish ...
  • Igor Krasulya
  • 30.06.2026
AI and non-AI stocks show divergence, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, observes that AI and non-AI stocks are beginning to move in different directions. The statement highlights an emerging divergence within the equity market as ...
  • Igor Krasulya
  • 21.06.2026
Andreas Steno Larsen: Few inherit billionaire status from stock market gains
Andreas Steno Larsen, founder & CEO, questions why inherited wealth from stock market gains has not produced tens of thousands of billionaires. He highlights that, in reality, there are almost no ...
  • Anastasiia Chabaniuk
  • 16.06.2026
AI shares outperform while most S&P 500 stocks fall, Andreas Steno Larsen argues
Andreas Steno Larsen, founder & CEO, points out a dramatic divide in the U.S. stock market between AI stocks and all other sectors. According to Steno Larsen, while the S&P 500 recently closed up ...
  • Hanna Syniavska
  • 12.06.2026
Andreas Steno Larsen: SpaceX valuation reaches $135, Musk nears $1 trillion net worth
Andreas Steno Larsen, founder & CEO, reports that SpaceX is now valued at $135 per share according to Bloomberg, bringing Elon Musk's estimated net worth to $970.5 billion. Larsen adds that a ...
  • Andreas Kristo
  • 08.06.2026
AI stocks lead S&P 500 gains while broader market stays flat, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, notes that since the war began on February 27, the S&P 500 Index has risen 7.34%, primarily due to gains from AI stocks. Excluding these AI stocks, the index ...
  • Dmytro Kharkov
  • 07.06.2026
Andreas Steno Larsen: President Trump view on interest rates and economic conditions challenged
Andreas Steno Larsen, founder & CEO, questions President Donald Trump's perspective on interest rates, suggesting it is incorrect to declare higher rates are always bad and lower rates always ...
  • Oleg Tkachenko
  • 01.06.2026
Wall Street repeatedly handles crises as liquidity glitches, Andreas Steno Larsen argues
Andreas Steno Larsen, founder & CEO, writes that every major financial crisis—1997, 2008, and 2020—follows a familiar institutional pattern: initial mischaracterization of structural problems ...
  • Andrey Mastykin
  • 30.05.2026
Andreas Steno Larsen: AI-related stocks reach new high as share of S&P 500
Andreas Steno Larsen, founder & CEO, reported that AI-related stocks have reached their highest level ever as a percentage of the S&P 500. He emphasized that the influence of artificial ...
  • Andreas Kristo
  • 25.05.2026
Crude net long positions mostly set before war, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, highlights that the Wall Street consensus expects the Strait to reopen within days, which could sharply reduce crude prices. He also points to a chart ...
  • Parshwa Turakhiya
  • 20.05.2026
Andreas Steno Larsen: Market participants believe oil flow will resume and conflict end soon
Andreas Steno Larsen, founder & CEO, highlights that many financial market participants anticipate the reopening of the Strait, resumption of oil shipments, and a quick resolution to the current ...
  • Mikhail Vnuchkov
  • 18.05.2026
10-year yield and Brent futures reach new highs, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, highlights that U.S. President Donald Trump believes time is on his side as markets show notable movements. The 10-year yield is at its highest level during ...
  • Parshwa Turakhiya
  • 15.05.2026
Andreas Steno Larsen: 10-year Treasury yield closes near high under U.S. President Donald Trump
Andreas Steno Larsen, founder & CEO, highlights that the U.S. 10-year Treasury yield ended at 4.60%, just 2 basis points below its peak when President Donald Trump took office on January 20, 2025. ...
  • Yulia Slavina
  • 13.05.2026
U.S. 30-year yield reaches 5.03 percent, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, reports that the U.S. 30-year yield has risen to 5.03 percent. He notes this level has only been surpassed for a few days over the last 19 years and is now ...
  • Dmytro Kharkov
  • 11.05.2026
Andreas Steno Larsen: U.S. 10-year yield compared to June WTI Crude Oil Futures
Andreas Steno Larsen, founder & CEO at https://x.com/AndreasSteno, examines a 3-day tick chart featuring the U.S. 10-year yield and June WTI Crude Oil Futures. Steno Larsen points to the ...
  • Anastasiia Chabaniuk
  • 04.05.2026
Oil drives bond market swings, Andreas Steno Larsen argues
Andreas Steno Larsen, founder & CEO at https://x.com/AndreasSteno, argues that oil prices are the primary driver of bond market volatility rather than bond activity influencing oil. He notes ...
  • Yaroslav Dmytrenko
  • 30.04.2026
Andreas Steno Larsen: U.S. 30-year yield hits 5 percent for first time since July 2025
Andreas Steno Larsen, founder & CEO at https://x.com/AndreasSteno, reports that the U.S. 30-year yield has reached 5 percent for the first time since July 2025. It is now just 11 basis points ...