Macro Mondays

Hosted by Andreas Steno Larsen and Mikkel Rosenvold

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140

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Jun 2026

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About the show

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) Find out more about Steno Research with the 30% discount code “macro30” at www.stenoresearch.com/subscribe

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June 15, 202625 min

Is The Iran-US Deal Actually Done?! with Andreas Steno | Macro Mondays

Andreas Steno is back to break down recent market volatility, unpacking all the key drivers, from global liquidity dynamics to the evolving peace deal between the U.S. and Iran, which has seemingly opened the Strait of Hormuz. But is the deal actually done!?00:07 - US-Iran Deal Nears: What It Means for Markets 02:00 - Inside the 60-Day Iran Deal and Strait of Hormuz Reopening04:37 - Oil Market Surplus: Why Crude Could Fall Below $7008:02 - Iran Sanctions Lifted: The New Supply Shock for Global Oil10:56 - ECB Rate Hike Timing Looks Worse After Hormuz Breakthrough13:17 - Anthropic Export Curbs: Why AI Models Are Becoming Too Big to Fail17:51 - SpaceX IPO Surge and What It Says About Risk Appetite19:55 - IPO Boom, Liquidity, and Why This Cycle May Have Further to Run21:08 - AI Token Pricing, OpenAI, and Anthropic Ahead of IPO Season22:45 - South Korea Exports, Semiconductors, and the Next Leg of the AI Trade🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

June 8, 202629 min

Panic or No Panic? | Macro Mondays: June 8, 2026

Andreas Steno Larsen and Mikkel Rosenvold are back to break down Red Friday and whether the market reaction to the latest jobs report was justified. They unpack what the data is really saying about growth, labor markets, liquidity, and the path for risk assets heading into summer.Timestamps:01:05 - Macro Mondays: Red Friday, Jobs Shock, and Middle East Risk03:15 - Real Vision Updates, Alpha Access, and This Week’s Schedule05:40 - What Actually Caused Friday’s Market Selloff?07:21 - Nasdaq Damage, CTA Flows, and Why the Straight-Line Rally Is Over09:45 - Was Friday a VaR Shock and What Happens Next?12:06 - The Jobs Report, World Cup Hiring, and Why Payrolls Beat Expectations14:07 - Kevin Warsh, the Fed, and Why Rate Cuts Just Got Harder17:38 - SpaceX IPO, Big Tech Equity Raises, and the Liquidity Squeeze22:01 - The One Chart to Watch: AI Token Pricing and the Data Center Trade24:37 - Iran, Israel, and Why Markets Still Aren’t Panicking27:24 - Oil, Fertilizer, and Why the Hormuz Crisis Trade Keeps Fading#macro #andreassteno #macromondays #realvision #mikkelrosenvold #geopolitics #markets #Iran #jobs 🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

June 1, 202629 min

3 Banger Trades For June | Macro Mondays: June 1, 2026

Andreas Steno Larsen and Mikkel Rosenvold are back to break down the key macro themes driving markets into June. From the latest developments in Iran to bottlenecks and bitcoin, they unpack what could become the next key trades, and whether liquidity and macro data can continue to support the meteoric rise in risk assets.Let Monarch do your financial 'spring cleaning' for you! Use code REALVISION at Monarch.com to get your first year half off at just $50.🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe 01:06 - Macro Mondays: Iran Talks, ISM Strength, and June Trade Ideas 02:30 - State of the Union Preview: Why Macro Still Drives Everything04:34 - Strong ISM Print and Why US Manufacturing Keeps Accelerating06:00 - Iran Talks Break Down Again: How Fragile Is the Ceasefire?07:30 - Why Markets Are Still Taking the Iran Headlines in Stride10:16 - How Long Can the Global Economy Handle a Closed Hormuz?12:34 - June Outlook: Thematics, Trade Setups, and What Still Works13:20 - Industrial Robotics, Real-World AI, and the Next Training Bottleneck16:54 - Liquidity in June: Treasury Cash Drawdown and Easier Leverage20:19 - Why Bitcoin Is the Only Risk Asset Not Joining the Rally22:53 - Three Trades for June: Security Software, Server Makers, and Drones27:19 - Claude, ServiceNow, and the New AI-Driven Momentum Trade🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

May 25, 202629 min

Is Iran War Deal Imminent? | Macro Mondays: May 25, 2025

Real Vision’s Mikkel Rosenvold and Andreas Steno Larsen break down the latest market reaction to reports of a possible Strait of Hormuz deal, what it could mean for oil and inflation, and why the next phase of the market may depend on whether Middle East tensions truly de-escalate. They also explore a surprising inflation driver in hardware and semiconductors, explain why consumer spending is holding up better than many expect, and share the sectors they’re watching next.🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Timestamps:00:00 - Monarch Sponsor 01:00 - Macro Mondays: Iran, Hormuz, and Global Markets01:31 - Strait of Hormuz Deal Rumors and Market Reaction02:50 - Europe’s Heat Wave and the Energy Debate04:21 - Trump, Iran, and the Weekend Negotiation Push06:01 - Can Trump Sell an Iran Deal to Republicans?07:12 - Abraham Accords, Iran, and Middle East Strategy07:59 - Oil Drops, Bond Yields Fall, and Markets Rally09:11 - Are Iranian Ships Actually Moving Through Hormuz?10:58 - Why Markets Care More About Hormuz Than Politics13:03 - Inflation Outlook: Energy vs Consumer Prices14:20 - Kevin Warsh, AI, and the Disinflation Argument17:45 - Which Sectors Benefit Most From Inflation?18:45 - Why AI Hardware Is Suddenly Inflationary21:08 - The AI Memory Boom and Rising Electronics Prices23:39 - Why Hardware Stocks Have Outperformed in 202624:02 - What Happens if Inflation Peaks in June?25:20 - Consumer Spending Is Holding Up Surprisingly Well27:01 - Amazon, Tesla, and Luxury Stocks as the Next Trade28:11 - PCE Inflation Data: What Markets Need This Week29:28 - Final Thoughts: Waiting on the Iran Deal🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

May 18, 202631 min

Are Markets Ignoring Inflation? | Macro Mondays: May 18, 2026

Andreas Steno and Mikkel Rosenvold are back to break down the aftermath of the highly anticipated meeting between Donald Trump and Xi Jinping. They also dive into rising bond yields, whether markets should start worrying about rates again, and if the latest inflation reports signal something more persistent beneath the surface.🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Timestamps:00:00 - Monarch Sponsor 01:05 - Macro Mondays: Trump-Xi, Rates, Inflation, and Iran Hopeium02:40 - Andrew Tate’s 30-Year Bond Trade and Why Long Yields Matter06:03 - Why Rising Bond Yields May Not Mean What They Used To10:20 - Hot CPI, PPI, and Why the Fed Still May Not Hike14:40 - Iran Talks, Oil, and What Could Restart the Rally16:39 - Why China-US Cooperation Is Keeping the Oil Market Balanced19:22 - Will Trump Pivot Back to Rate Cuts After Iran?23:06 - Semiconductors: Is It Time to Take Profits?25:13 - Bernie Sanders, AI Data Centers, and the First Political Pushback29:28 - UK Bonds, Fiscal Worries, and Why Political Risk May Be Overstated🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

May 11, 202630 min

It’s Beginning To Look A Lot Like COVID! | Macro Monday's May 11, 2026

Andreas Steno Larsen and Mikkel Rosenvold are back to break down why today’s macro environment is starting to resemble 2021, from renewed concerns around the Hanta virus to rising input costs and supply chain pressures. Additionally, they assess the highly anticipated meeting between Donald Trump and Xi Jinping, and monitor the latest developments in peace talks for both Iran and Ukraine.🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Timestamps:01:07 - Why 2026 Is Starting to Look Like 202103:17 - Hantavirus, Covid Flashbacks, and Why Markets Should Ignore It06:30 - Easy Dollar Liquidity, SLR Reform, and the Return of Risk Appetite11:27 - Tomorrow’s CPI Report and the Next Inflation Wave13:29 - Iran, Oil, and Why Hormuz Is Fading as a Market Driver15:03 - Trump-Xi Meeting: The Underreported Macro Event of the Week17:30 - Best Portfolio Hedges for US-China Decoupling22:21 - Iran, Ukraine, China: Could Easing Geopolitics Extend the Rally?25:12 - End Consumer Scarcity: The New AI and Semiconductor Trade🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

May 4, 202628 min

Inflation Inbound? | Macro Mondays: May 4, 2026

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 Bubble02:02 - Real Vision Portfolio Update and Why April Was Strong02:44 - Microsoft Earnings, OpenAI Backlog, and the AI CapEx Debate04:36 - Meta’s AI Spending Problem and Why the Backlog Isn’t There07:06 - What Could Actually Burst the AI Bubble?08:18 - Fed, ECB, and BOE Delay Hiking Talk as Hormuz Risk Builds09:24 - Why the Fed Won’t Cut Rates Yet Under Kevin Warsh10:19 - Project Freedom: The US Plan to Reopen the Strait of Hormuz11:13 - Trump’s Hormuz Announcement and Iran Missile Headlines13:08 - Can Trump’s Move Break the Strait of Hormuz Deadlock?14:20 - Why Iran Risks Looking Like the Aggressor if It Fires on Commercial Ships16:27 - Why the Strait of Hormuz Crisis Hits Emerging Markets Hardest19:17 - Why the West Can Still Pay Up for Oil and Food Supply20:39 - Energy Shock, Imported Inflation, and the Real Risk to Western Economies23:53 - Trump-Xi Summit Risks, Global Trade Chokepoints, & China Dependencies26:46 - Solar Panels, Rare Earths, and the New Supply Chain Power Game🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

April 27, 202628 min

The Rally Nobody Believes In | Macro Mondays: April 27, 2026

Andreas Steno Larsen and Mikkel Rosenvold break down the latest developments in the Strait of Hormuz as a risk for global energy flows and supply chains continues to dominate headlines. They also zoom out to the global growth picture, exploring why sentiment remains bearish, yet equities continue to grind higher.🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Timestamps:00:00 - Welcome to Macro Mondays with Andreas Steno & Mikkel Rosendvold01:06 - Real Vision Pro Portfolio Tracker03:55 - Laughs of the Week: X Doom Posts & AI Slop07:57 - Festus Montana: Data Center Backlash09:30 - Energy Trade: Nuclear, Fuel Cells & Bloom Energy11:17 - Macro Pivot: Iran Stalemate & Strategic Patience13:27 - Crude & Jet Fuel On-Water Storage Analysis15:51 - Negative Natural Gas Prices in Texas vs 2022 Crisis17:46 - Geopolitical Risk vs Market Impact Disconnect19:10 - Investor Sentiment Disconnect at All-Time Highs21:14 - Goldman Prime Book: Low Hedge Fund Leverage23:26 - Semiconductors Rally: South Korea Export Surge25:10 - Mag 7 Cloud CapEx & The Next Power Trade26:46 - EU & US Grid Operators Rationing New Plugins27:30 - Live Show Copenhagen & Wrap-Up🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

April 20, 202628 min

War, Oil & Liquidity - What’s Driving Markets Now! | Macro Monday: April 20, 2026

As the ceasefire between the U.S. and Iran falters, bringing oil flows back under pressure, Andreas Steno Larsen and Mikkel Rosenvold break down the geopolitical fallout, from jet fuel shortages to shifting supply dynamics.🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Timestamps:00:00 - Welcome to Macro Mondays with Andreas Steno & Mikkel Rosendvold01:06 - Is the War Back On? Jet Fuel Shortages and What’s Holding Markets Up01:55 - Psychedelics Stocks Surge After Trump Executive Order03:05 - This Week on Real Vision: Geopolitics AMA, Charting Macro, and Jim Bianco04:24 - Iran Reverses Course and Closes the Strait of Hormuz Again05:33 - Ship Attacks, Tanker Seizures, and Why the Weekend Escalation Matters06:06 - Trump, Iran Talks, and the Latest Strait of Hormuz Flow Data07:14 - Why the US and Western Economies Need Less Oil Than Before09:20 - Jet Fuel Shortages in Europe: How Serious Is the Risk?11:24 - Europe’s Flight Crunch and Why Airfares Are Exploding13:19 - Southern Europe’s Tourism Hit and the Macro Impact of Fewer Flights14:49 - What Europe’s 2022 Energy Shock Tells Us About Today’s Crisis16:33 - Why This Energy Disruption Still Looks Manageable17:36 - Can the Stock Market Rally Continue From Here?18:04 - Why This Is Still a Hated Rally With Investors Underweight Risk19:50 - Dollar Liquidity, Fed Reserve Management, and What’s Fueling Markets22:19 - SLR Reform, Bank Leverage, and the Quiet Driver of the Rally24:28 - ISM, Regional Fed Surveys, and Why US Growth Still Looks Strong25:06 - Fed, ECB, and BOE: Are Rate Hikes Now Off the Table?27:23 - Final Outlook: Talks on Wednesday and a Still-Bullish Macro View🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf

April 13, 202630 min

Iran Talks Collapse: A New Surge in Inflation? | Macro Mondays: April 13, 2026

Geopolitics is still in focus after failed talks between the U.S. and Iran in Pakistan over the weekend and President Donald Trump's threat of a blockade of the Strait of Hormuz from today. Andreas Steno and Mikkel Rosenvold break down the implications of another oil spike, whether it could bring an inflation shock, and what it could mean for risk assets.🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Connect with Real Vision™ Online:YouTube: youtube.com/@RealVisionFinanceTwitter: https://rvtv.io/twitterInstagram: https://rvtv.io/instagramWebsite: https://rvtv.io/3Y4t5PwDisclaimer: https://media.realvision.com/wp/20231004185303/Disclaimer-1.pdf