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Something for your Espresso is the Daily morning research letter from Steno Research. Occasional morning letters for the US based audience is also send out under the name Good Morning America

Something for your Espresso: You are fired (or not)

Something for your Espresso – Bet on the Barrel

Geopolitical risk is rising under Trump despite promises to the contrary, and combined with building reflationary pressures, it sets the stage for higher oil prices this summer. With the reflation theme still largely underpriced, we think now is a good time to lean into risk and accumulate exposure.

Week at a Glance – June Data Will Wrongfoot USD Positioning

Week at a Glance – The Inflationary Countdown Has Begun

Markets are treading water ahead of a potential US-China breakthrough, but reflation continues to build beneath the surface as we move closer to summer. This week’s bond auctions and CPI/PPI data offer a prime opportunity for bonds to set the direction higher, even with energy and shelter likely delivering one final soft CPI print before broader price pressures return.

Week at a Glance – June Data Will Wrongfoot USD Positioning

Week at a Glance – From Bottlenecks to Breakouts

Markets opened the week on shaky footing, but beneath the surface, global trade is quietly improving, freight rates are screaming reflation, and macro bears may soon run out of ammo. With ISM Services, the ECB, and NFP on deck, the next few days could reshape sentiment—and cement a summer of upside.


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