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

5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

Inflation Watch – Here’s Why EU Inflation Will Get Back to Target Faster than US Inflation

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macroeconomics

<ul><li>The CPI report has just been released, and it’s kind of a nothing burger on the headline indices with headline and core coming in at 3.2% vs 3.3% expected for headline and 4.7% vs 4.7% expected.</li><li>As we have told you before, the increase in headline compared to last month was expected due to basis effects, while core continues the disinflationary trend.</li><li>Both headline and core increase 0.2% MoM, which is close to the golden number, 0.17%, which compounded rounds to 2% annually.</li></ul>

The CPI report has just been released, and it’s kind of a nothing burger on the headline indices with headline and core coming in at 3.2% vs 3.3% expected for headline and 4.7% vs 4.7% expected.As we have told you before, the increase in headline compared to last month was expected due to basis effects, while core continues the disinflationary trend.Both headline and core increase 0.2% MoM, which is close to the golden number, 0.17%, which compounded rounds to 2% annually.

CPI Watch: A Decent Report but 2% Is FAR Away Still