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The 2025 Macro Playbook: Central Banks, Crypto & Chaos ft. Andreas Steno Larsen from Real Vision Pro & Steno Research

2025/4/10

Raoul Pal: The Journey Man

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The 2025 Macro Playbook: Central Banks, Crypto & Chaos ft. Andreas Steno Larsen from Real Vision Pro & Steno Research

Raoul Pal: The Journey Man

SuperAI Singapore 2025: The Future of AI and Crypto

Intro to the Episode

Andreas Steno’s Career Path: From FX to Macro

FX as the Macro Playground: Lessons from QE

QE vs Bond Yields: Central Banks and Asset Impact

Launching Steno Research: Governments and Central Banks as One

SVB Proves Full Backstop: Fed’s Role in Lowering Yields

Forcing Banks to Buy Bonds: Fed’s Delay on QE

Everyone Wants Debasement: Hedge Funds and the Deficit

QT is Basically Over: China and U.S. Debt

GDP vs Debt Trap: AI’s Impact on Productivity

Tariffs and Consumption Tax: Inflation and AI’s Role

Q1 Slowdown and Tariffs: No Return of Factory Jobs

Robots and UBI: Tariffs and the Middle Class

No EU Decoupling: European Tech and Stimulus

China’s Tariff Strategy: Bonds and Commodities

Crypto as a Macro Asset: SVB’s Impact on the Game

Trading Fund vs Personal: System vs Conviction

Market Bottom Window: Final Thoughts and Stock Picks

Shownotes Transcript

The 2025 Macro Playbook: Central Banks, Crypto & Chaos ft. Andreas Steno Larsen from Real Vision Pro & Steno Research 01:19:00 Share

Raoul Pal: The Journey Man

SuperAI Singapore 2025: The Future of AI and Crypto

Intro to the Episode

Andreas Steno’s Career Path: From FX to Macro

FX as the Macro Playground: Lessons from QE

QE vs Bond Yields: Central Banks and Asset Impact

Launching Steno Research: Governments and Central Banks as One

SVB Proves Full Backstop: Fed’s Role in Lowering Yields

Forcing Banks to Buy Bonds: Fed’s Delay on QE

Everyone Wants Debasement: Hedge Funds and the Deficit

QT is Basically Over: China and U.S. Debt

GDP vs Debt Trap: AI’s Impact on Productivity

Tariffs and Consumption Tax: Inflation and AI’s Role

Q1 Slowdown and Tariffs: No Return of Factory Jobs

Robots and UBI: Tariffs and the Middle Class

No EU Decoupling: European Tech and Stimulus

China’s Tariff Strategy: Bonds and Commodities

Crypto as a Macro Asset: SVB’s Impact on the Game

Trading Fund vs Personal: System vs Conviction

Market Bottom Window: Final Thoughts and Stock Picks

Shownotes Transcript

The 2025 Macro Playbook: Central Banks, Crypto & Chaos ft. Andreas Steno Larsen from Real Vision Pro & Steno Research