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Steno Signals

Steno Signals is our weekly editorial on everything macro. The byline of the editorial is Andreas Steno Larsen, former chief strategist at Nordea Bank and CEO of Steno Research.

The Week at A Glance: Everything you need to know ahead of the FOMC and CPI

The Week At a Glance: MPC members better prepare a Bailey for the Coffee, while Ueda better pray for a weaker JPY..

Action-packed week ahead with overseas central bank action, while we get PMIs and CPI prints at home. The FOMC meeting minutes will likely steal the stage and set the tone on markets Wednesday, and we’ll see whether they address the ongoing commodity-driven re-flation cocktail.

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5 Things We Watch – Risk assets, US CPI, Liquidity, FTSE/GBP & Asian FX

5 Things We Watch Ahead of the FOMC Meeting

Tonight’s FOMC decision will likely come as a surprise to markets, but the rhetoric and possible acknowledgement of market pricing will be key. We provide 5 things that we look at to understand the situation the Fed has placed themselves in.

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5 Things We Watch – Risk assets, US CPI, Liquidity, FTSE/GBP & Asian FX

5 Things We Watch – SOFR Probabilities, USDJPY, CNY Devaluation, IFO & Eurozone electricity

Equities are back to winning ways, while USD rates traders agree on 0 cuts this year being a probable scenario. Meanwhile, China is likely preparing for a devaluation of the CNY, and the intervention risks in JPY pairs increases, and the next macro battle in 2024 will likely be found in EM.

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5 Things We Watch – Risk assets, US CPI, Liquidity, FTSE/GBP & Asian FX

5 Things We Watch – Rates pricing, Bond positioning, Equities setback, USD Wrecking Ball & Inflation markets

Everything will be about central bank divergences going forward, as the Fed is looking to hold rates steady while ECB prepares to cut. How will it affect allocations, and what should you look out for in markets the next couple of weeks? Find out here.

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5 Things We Watch – Risk assets, US CPI, Liquidity, FTSE/GBP & Asian FX

5 Things We Watch – EUR-Inflation, Central Banks, The Business Cycle, Positioning & Commodities

Markets find themselves at a crossroads as the US economy is doing better than feared, while inflation is not acting the way the Fed hoped for. Meanwhile, European disinflation continues, which paves the way for larger divergences between central banks.

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