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

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul><li>Yesterday we got the full release of the February Ifo report from Germany.</li><li>We note that price expectations in services ex. real estate fell almost 10 percentage points.</li><li>One of our high conviction macro bets for this year is the major divergence between US and Euro inflation and looking at the below chart using employment data from Ifo and compensation plans from the NFIB Survey in the US certainly points in this direction.</li></ul>

Yesterday we got the full release of the February Ifo report from Germany.We note that price expectations in services ex. real estate fell almost 10 percentage points.One of our high conviction macro bets for this year is the major divergence between US and Euro inflation and looking at the below chart using employment data from Ifo and compensation plans from the NFIB Survey in the US certainly points in this direction.

Macro Nugget: Diverging US and Europe Inflation Outlook