Macro Mondays
Andreas Steno Larsen and Mikkel Rosenvold
Each and every Sunday, former Global Chief Strategist of Nordea Bank, Andreas Steno, invites colleagues and friends of Steno Research to share their views on the world of macro and geopolitics with loads of actionable content.We will maintain FULL independence without capital interests in having specific views and provide 100% transparency around how we trade and view the worldThe podcast will be the most entertaining and yet serious podcast in the Macro Space and as you will notice our trade ideas will be “SOMETIMES MAYBE GOOD, SOMETIMES MAYBE SHIT” (Listen to understand the context) Find out more about Steno Research with the 30% discount code “macro30” at www.stenoresearch.com/subscribe
Episodes
Mentioned books
21 snips
Mar 30, 2026 • 30min
Risk Isn’t Gone | Macro Mondays: March 30, 2026
They analyze the Iran war’s fifth week and a widening gap between market pricing and macro risks. They debate signs of negotiations versus military buildup and consequences for oil flows and niche byproducts. They cover market positioning, energy as a hedge, and shifts in rates, the dollar, and global growth signals. They also discuss political spillovers, crypto resilience, and who might profit after the conflict ends.
41 snips
Mar 23, 2026 • 31min
The Real Risk Goes Beyond War | Macro Mondays: March 23, 2026
They unpack market volatility after political statements and why sudden swings matter for investors. They examine closure of the Strait of Hormuz and the delayed inflation and energy shocks that could follow. They debate Iran’s strategic stance and the limits of open-source conflict reporting. They also cover Fed signals, money-market deleveraging, and portfolio positioning under uncertainty.
28 snips
Mar 16, 2026 • 30min
Markets Confront Iran Risk and Fed Policy | Macro Mondays: March 16, 2026
They examine rising Iran risks and how oil supply disruptions are reshaping global flows and tanker routes. They debate China’s role in buying Iranian crude and the diplomatic leverage that creates. They preview a pivotal week for central banks and the timing of rate pivots. They run through trade ideas, commodity signals, and hedging flows amid recent market turbulence.
40 snips
Mar 9, 2026 • 32min
How High Will Oil Prices Go? | Macro Mondays: March 9, 2026
They dig into the Iran war and how shifting attack patterns change the conflict’s trajectory. They explain why a shipping bottleneck, not supply shortages, is spiking oil prices. They map which countries face strategic reserve strain and the logistical limits of reopening the Strait of Hormuz. They explore market ripple effects from inflation, growth risks and political pressure on rate-cut plans.
32 snips
Mar 2, 2026 • 37min
Markets React to War in Iran | Macro Mondays: March 2, 2026
They unpack how U.S.-Iran military actions sent oil, shipping insurance and tanker prices spiking and rattled equity markets. They map which sectors gain or lose from conflict, from drones and defense to airlines and fertilizers. They weigh escalation timelines, regional containment and travel risk for hubs like Dubai. They also connect AI and NVIDIA supply-chain moves to defense and infrastructure strains.
28 snips
Feb 23, 2026 • 28min
Do Markets Care About Trump’s Tariffs? | Macro Mondays: February 23, 2026
They debate the market implications of sweeping U.S. tariffs and whether the moves were prepared or knee-jerk. They examine legal and congressional limits on tariff power and how that shapes international trade talks. They explore potential macro effects if China supply links weaken. They also cover rapid AI engineering gains and what that means for capex, mega-cap stocks, and practical AI adoption.
51 snips
Feb 16, 2026 • 29min
Dalio: "The World Order Has Broken Down"
They unpack Ray Dalio's view that the global order is shifting and what that means for geopolitics after the Munich Security Conference. AI-driven market scares and heavy capex in hyperscalers get a close look. Inflation oddities, timing for rate cuts, and liquidity impacts from the Treasury General Account are debated. Gold, Russia reintegration risks, and now-casting for commodities, bonds, and tech rounds out the discussion.
29 snips
Feb 10, 2026 • 28min
A Regime Shift in Volatile Times
They unpack a macro regime shift where growth may rise even as inflation stays muted. They trace how a silver crash spilled volatility across assets and why precious metals may be losing favor. They discuss a capex-led cyclical upswing, rotations into cyclicals like industrials and energy, and political signals shaping crypto and space tech risks.
46 snips
Feb 2, 2026 • 30min
Oil, Metals, and More Geopolitical Risk | Macro Mondays: Feb. 2, 2026
They unpack rising U.S.–Iran tensions and the possible fallout for oil markets. They explore the surprise ISM print and its links to capex, base metals, tech, and Bitcoin. They dissect a dramatic silver crash and forced deleveraging in metal ETFs. They discuss U.S. strategic mineral stockpiles, supply-chain weaponization, shipping risks, and how monetary and policy shifts could reshape cycles.
30 snips
Jan 26, 2026 • 13min
Rates, Risks, and Reality
A Miami dispatch on how geopolitical shocks are reshaping global markets. Discussion of a shift from U.S. unipolarity toward a U.S.-China bipolar world. Notes on European defense, energy and infrastructure as large investment opportunities. Coverage of precious metals moving from silver into copper and a preview of upcoming central bank rate decisions.
