Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Positioning Watch: Who is caught in the Crossfire?

CPI watch: 6 charts on a soft’ish inflation report

Recession Playbook: Here is how we think the recession will pan out

Macro Nugget: How do markets react to turmoil in Gaza/Israel?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul>
<li>September’s CPI numbers just dropped with a small surprise in the headline, coming in at 0.4% vs 0.3% expected (3.7% YoY vs 3.6% expected), while core is in line with analysts’ median forecast.</li>
<li>Headline rates stay on their disinflationary paths, and YoY rates are not accelerating due to base effects.</li>
<li>Energy and shelter – the 2 nightmares throughout 21/22 – are taking the headlines again, with shelter re-accelerating and energy inflation staying at levels too far from target despite sluggish demand signals coming from the EIA.</li>
</ul>


September’s CPI numbers just dropped with a small surprise in the headline, coming in at 0.4% vs 0.3% expected (3.7% YoY vs 3.6% expected), while core is in line with analysts’ median forecast.
Headline rates stay on their disinflationary paths, and YoY rates are not accelerating due to base effects.
Energy and shelter – the 2 nightmares throughout 21/22 – are taking the headlines again, with shelter re-accelerating and energy inflation staying at levels too far from target despite sluggish demand signals coming from the EIA.


CPI Reaction Watch: Cementing a hike in November/December?