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.

  • Alena Volkova
  • Yesterday
10-year yield approaches rare movement territory, Andreas Steno Larsen notes
The 10-year yield has increased by more than 25 basis points in four days this week, a move that has occurred only four times in recent years. Andreas Steno Larsen described this rise in yields ...
  • Eugene Komchuk
  • 12.11.2026
Andreas Steno Larsen: NVDA faces risk of losing Jensen and potential competition from him
NVDA must weigh not only the risk of losing its CEO Jensen but also the possibility of competing with him, according to Andreas Steno ...
  • Mikhail Vnuchkov
  • 07.11.2026
October U.S. payroll revision increases by 84,000, Andreas Steno Larsen notes
The U.S. net revision for the previous two months to the nonfarm payroll report added 84,000 in October. Andreas Steno Larsen highlighted that these cumulative two-month payroll revisions are a ...
  • Alena Volkova
  • 21.10.2026
Andreas Steno Larsen: Surveyed economists stick to 2 percent inflation forecast despite repeated misses
A recent Wall Street Journal survey of 71 economists found that their outlook continues to see inflation returning to 2 percent within 18 to 24 months. Andreas Steno Larsen commented that this ...
  • Mikhail Vnuchkov
  • 14.10.2026
Nominal yields reflect more than inflation expectations, Andreas Steno Larsen notes
Nominal growth, defined as inflation plus real growth, determines the appropriate level of nominal yields, according to Andreas Steno Larsen. Larsen emphasized that real growth plays a significant ...
  • Alena Volkova
  • 11.10.2026
Andreas Steno Larsen: AI-related firms make up nearly half of S&P 500 market value
Andreas Steno Larsen, founder & CEO, reports that the S&P 500 is increasingly divided between AI-related companies and all other constituents. According to Larsen, 41 AI-related firms now ...
  • Alena Volkova
  • 10.10.2026
Rising prices outpace wages, straining many households, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, highlights themes from Rational Dissent Episode 012, now available on multiple platforms. He observes that while markets and portfolios are supporting ...
  • Yaroslav Dmytrenko
  • 08.10.2026
Andreas Steno Larsen: AI stocks could comprise over half of SPX with SpaceX and IPOs
Andreas Steno Larsen, founder & CEO, states that if SpaceX were included in the SPX index, AI-related stocks would currently make up 51 percent of the index. He further points out that with ...
  • Pavlo Kot
  • 05.10.2026
Yields have moved to reflect economic conditions, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, notes that after years of yields remaining below levels suggested by economic fundamentals, they are now more closely aligned. This assessment comes as ...
  • Ksenia Gerey
  • 04.10.2026
Andreas Steno Larsen: Three key risks driving markets beyond headlines
Andreas Steno Larsen, founder & CEO, examines critical risks affecting markets beyond high-profile stories like Terminator AI. He focuses on measurable threats such as Europe's winter energy ...
  • Mykhailo Ihnatenko
  • 03.10.2026
Bond market expresses concern over Fed stance, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, highlights current market sentiment regarding U.S. Federal Reserve policy. Fedspeak this week indicated there is "no urgency" for a rate hike in October, a ...
  • Yaroslav Dmytrenko
  • 30.09.2026
Andreas Steno Larsen: Fed speech lifts market odds of a rate cut to 44 percent
Andreas Steno Larsen, founder & CEO, observes that comments from New York Fed President John Williams have increased the likelihood of a rate cut to 44 percent, as reflected in market charts. He ...
  • Hanna Syniavska
  • 26.09.2026
10-year Treasury yield hits 16-year high of 5.20 percent, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, discusses the surge of the 10-year Treasury yield to a 16-year high of 5.20 percent. He raises the question of whether this marks a return to historical ...
  • Mikhail Vnuchkov
  • 11.09.2026
Andreas Steno Larsen: Investors weigh fixed Treasury yields near 4.8% against stocks
Andreas Steno Larsen, founder & CEO, shares an excerpt from Rational Dissent Episode 007 in which Alex Malitas explores investor hesitation toward fixed Treasury yields between 4.75% and 4.80% and ...
  • Yulia Slavina
  • 08.09.2026
Copper surges over 68 percent since April 2025, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, highlights that copper has surged to an all-time high above $14,530 per ton on the London Metal Exchange. The price is now up over 68% since Liberation Day in ...
  • Pavlo Kot
  • 07.09.2026
Andreas Steno Larsen: U.S. bond performance worst in a decade since 1803
Andreas Steno Larsen, founder & CEO, highlights historical data on U.S. bonds dating back to 1793. According to Steno Larsen, the past 10 years through this summer represent the worst period for ...
  • Mykhailo Ihnatenko
  • 06.09.2026
Rates lack appeal for investors, Andreas Steno Larsen argues
Andreas Steno Larsen, founder & CEO, examines the competitiveness of current yields in the latest episode of Rational Dissent. He suggests that available rates do not offer enough promise to ...
  • Yaroslav Dmytrenko
  • 04.09.2026
Andreas Steno Larsen: Highest interest rates globally if action taken
Andreas Steno Larsen, founder & CEO, comments that if a certain unnamed action is taken, it could cause all yields to plunge further and result in the U.S. having the highest interest rates in the ...
  • Ksenia Gerey
  • 03.09.2026
A lopsided FOMC vote could suggest members shifted positions, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, comments on the potential implications of an upcoming FOMC vote. He notes that if the voting outcome is overwhelmingly in agreement, such as 10-2 to 12-0, it ...
  • Oleg Tkachenko
  • 11.08.2026
Andreas Steno Larsen: 30-year yield hits 5.28%, marking a 19-year high
Andreas Steno Larsen, founder & CEO, highlights that 30-year yields have reached 5.28 percent, a new 19-year high. He suggests that the bond market is increasingly concerned about inflation, and ...
  • Andreas Kristo
  • 06.08.2026
Stock market peaks often precede recession by days, Andreas Steno Larsen notes
Andreas Steno Larsen, founder & CEO, highlights that stock market peaks generally occur several days before a recession begins. He refers to historical data, noting that in July 1990, the market ...