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

Cross Asset Watch - Bye Bye Inflation, Hello Lay-Offs? Here Is What to Trade..

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Soft indicators of inflation are falling off a cliff. There is little doubt left about the 6-month path for CPI prices</li>
<li>Wages remain stickier, which will lead to a remarked real wage growth in H2-2023 and early 2024</li>
<li>The demand for labour is driven by the price of wages adjusted for consumer inflation. A rapid increase in real wages is hence a negative for the hiring cycle</li>
</ul>


Soft indicators of inflation are falling off a cliff. There is little doubt left about the 6-month path for CPI prices
Wages remain stickier, which will lead to a remarked real wage growth in H2-2023 and early 2024
The demand for labour is driven by the price of wages adjusted for consumer inflation. A rapid increase in real wages is hence a negative for the hiring cycle


Out of the Box #3 – Will the Hiring Cycle End Due to Falling Inflation?