Filter by Categories
Fed Oil Saudi Arabia

Something for your Espresso: Phew..

A big central bank week is approaching its end and the Fed is back as the biggest dove in town. Does it make sense? Meanwhile, Oil demand dynamics keep delivering.
2023-12-15
<a href="https://stenoresearch.com/author/andreas/" target="_self">Andreas Steno</a>

Andreas Steno

0

Morning from Europe

Fed is back as the biggest dove in town after delivering (with quite some distance) the most dovish message to markets.

We are still puzzled as 1) financial conditions are much easier in the US than in the Euro-zone or UK, 2) The US economy is doing better than peers and 3) Inflation momentum is worse in the US than across the pond.

Maybe next week’s inflation report from the UK will lead to a material repricing of the BoE outlook relative to the Fed? We keep our chips placed on a very soft UK inflation reading on Tuesday.

Furthermore, the RBA pricing now looks oddly out of whack with the rest of G10 and we ponder adding exposure in AUD duration consequently. More about that later today!

Chart 1: Fed is the biggest dove in town now


A big central bank week is approaching its end and the Fed is back as the biggest dove in town. Does it make sense? Meanwhile, Oil demand dynamics keep delivering.

Get access / Login

0 Comments

STENO RESEARCH IS JOINING REAL VISION

From July 2025, Steno Research is joining Real Vision to create the ultimate macro research product for you!

As a subscriber, this means the following:

Yearly subscriber: For legal reasons, we cannot transfer your pre-paid subscription directly. You need to register with Real Vision and then we’ll transfer your pre-paid subscription quickly afterwards. Simply go to https://www.realvision.com/free and sign up - and then we’ll take care of the rest! We will shut down service of Steno Research on July 31st, so be sure to make the transfer to keep receiving our content.

Already a RV subscriber?
Please check that you are using the same e-mail. If yes, you don't need to do anything. If not, please contact [email protected].

Monthly subscriber: Your current monthly subscription with Steno Research will end during July (31st at the latest). To continue accessing our research (and more), you’ll need to sign up for a Real Vision membership. Check out your options on: https://www.realvision.com/pricing

For Institutional Clients:
- Your access has been moved to our new institutional offering at NowcastIQ.com
- If you haven’t been moved already, please contact [email protected]