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

<ul><li>In our “out of the box” series, we aim at being ahead of the current consensus narrative and think of the next theme that could drive price action before anyone else has given it any noteworthy attention or provide food for thought on topics of relevance that seem neglected by the economic consensus.</li><li>After the change in methodology to the CPI basket in 1983, interest rates aren’t reflected to the same extent as before in the inflation basket.</li><li>But that also means that Americans feel rising costs of living to a larger extent than the CPI basket reflects.</li></ul>

In our “out of the box” series, we aim at being ahead of the current consensus narrative and think of the next theme that could drive price action before anyone else has given it any noteworthy attention or provide food for thought on topics of relevance that seem neglected by the economic consensus.After the change in methodology to the CPI basket in 1983, interest rates aren’t reflected to the same extent as before in the inflation basket.But that also means that Americans feel rising costs of living to a larger extent than the CPI basket reflects.

iShares 20+ Year Treasury Bond ETF (TLT US)

2-Year US Treasury Note Futures (TU1 COMDTY)

Out of the Box: Cut Rates if You Want Lower Inflation, Powell