Is Inflation About to Derail the Rally? with Andreas Steno | Macro Mondays - Oct. 19, 2026

Steno sees October as a possible inflation peak, arguing crowded positioning and AI credit stress are near-term risks but don't yet justify turning bearish on equities.

• Inflation plateau seen: Andreas Steno flags October as a possible inflation turning point, arguing U.S. inflation momentum has flatlined since early May despite supply-chain fears, and questions whether Kevin Warsh is watching the wrong inflation gauge.
• France bond stress watched: Renewed pressure in French government bonds is highlighted as a European risk, though Steno suggests the market panic may be overdone.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.