Macro Mondays
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 world
The 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)
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Macro Mondays
Inflation Inbound? | Macro Mondays: May 4, 2026
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Andreas Steno Larsen and Mikkel Rosenvold are back to break down the latest shifts in global markets, starting with fresh developments in the Strait of Hormuz, then they turn to the inflation outlook, and they tackle the AI narrative, asking whether the surge in capex and demand from mega-cap tech signals a bubble, as markets continue to climb despite widespread skepticism.
Timestamps:
01:07 - Macro Mondays: Hormuz Moves, Inflation Risks, and the AI Bubble
02:02 - Real Vision Portfolio Update and Why April Was Strong
02:44 - Microsoft Earnings, OpenAI Backlog, and the AI CapEx Debate
04:36 - Meta’s AI Spending Problem and Why the Backlog Isn’t There
07:06 - What Could Actually Burst the AI Bubble?
08:18 - Fed, ECB, and BOE Delay Hiking Talk as Hormuz Risk Builds
09:24 - Why the Fed Won’t Cut Rates Yet Under Kevin Warsh
10:19 - Project Freedom: The US Plan to Reopen the Strait of Hormuz
11:13 - Trump’s Hormuz Announcement and Iran Missile Headlines
13:08 - Can Trump’s Move Break the Strait of Hormuz Deadlock?
14:20 - Why Iran Risks Looking Like the Aggressor if It Fires on Commercial Ships
16:27 - Why the Strait of Hormuz Crisis Hits Emerging Markets Hardest
19:17 - Why the West Can Still Pay Up for Oil and Food Supply
20:39 - Energy Shock, Imported Inflation, and the Real Risk to Western Economies
23:53 - Trump-Xi Summit Risks, Global Trade Chokepoints, & China Dependencies
26:46 - Solar Panels, Rare Earths, and the New Supply Chain Power Game
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