Macro Mondays Podcast: Former Nordea Chief Strategist Andreas Steno Analyzes Inflation and AI CapEx Outlook

The Macro Mondays podcast, part of the Real Vision network, released a new episode titled "Is Inflation About to Derail the Rally?" on October 19, 2026. This week's episode features Andreas Steno, founder of Steno Research and former Global Chief Strategist at Nordea Bank, flying solo to provide actionable views on macro and market outlooks.

According to the show notes, Andreas Steno breaks down the latest inflation signals and their implications for the market. With energy prices and input costs rising, he discusses whether another inflation shock is on the horizon and poses a critical question: could Kevin Warsh be focusing on the wrong inflation measure? He also examines the latest business cycle data and explains why he is not yet ready to turn bearish on equities.

Regarding AI industry investment topics, the episode timestamps indicate discussions on several relevant subjects, including "AI Credit Stress: Is the Data Center Buildout Finally Breaking?" and "Are the Mag 7 Really About to Cut AI CapEx?" Steno also touches upon how rising compute prices change the AI bear case and the potential for a new AI trade war following DeepSeek's ban from US government systems.

Beyond AI and inflation, the episode covers European market dynamics, specifically the renewed pressure in France's bond market and its potential meaning for European investors. For industry readers focused on macro liquidity, AI infrastructure financing risks, and geopolitical impacts on tech supply chains, this podcast offers a comprehensive discussion framework from a seasoned strategist's perspective.