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

Macro Nugget: Why Argentina Won’t Dollarise

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>We have been banging the drum on a potential sharp gap opening between inflation trends in the US and in Germany (or the Euro zone).</li><li>The market has slowly but surely started to acknowledge the trend, but we continue to see traded inflation spreads as vastly mispriced given the forward looking indicators on inflation.</li><li>The IFO survey details from Germany made for very benign inflation reading as price expectations decline in manufacturing, autos and metal and not least SERVICES.</li></ul>

We have been banging the drum on a potential sharp gap opening between inflation trends in the US and in Germany (or the Euro zone).The market has slowly but surely started to acknowledge the trend, but we continue to see traded inflation spreads as vastly mispriced given the forward looking indicators on inflation.The IFO survey details from Germany made for very benign inflation reading as price expectations decline in manufacturing, autos and metal and not least SERVICES.

Macro Nugget: MAJOR tradeable gap opening between Germany and the US