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

The Great Game: Why Russia is Really Cutting Diesel Exports

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

Steno Signals #66: Buckle up for the energy crisis 2.0

Portfolio Watch: The wheels are coming off in Europe

Steno Signals #65 – The 4 things that worries me the most in global macro right now

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul>
<li>When oil prices increase, so does CPI by nothing else than through its direct influence on retail energy prices.</li>
<li>This effect holds true when assuming all other prices remain constant.</li>
<li>Naturally, we tend to anticipate that a surge in oil prices would ripple through to affect other prices by hiking up respective costs basis</li>
</ul>


When oil prices increase, so does CPI by nothing else than through its direct influence on retail energy prices.
This effect holds true when assuming all other prices remain constant.
Naturally, we tend to anticipate that a surge in oil prices would ripple through to affect other prices by hiking up respective costs basis


Macro Nugget: Why the price at the pump matters for inflation expectations

Multiple Countries

Macro Nugget: Why the price at the pump matters for inflation expectations