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

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul>
<li>Welcome to this short and sweet preview of the UK CPI report on Wednesday.</li>
<li>The focus point will be the Services CPI since the BoE keeps referring directly to this number in the communication around the possible policy pivot.</li>
<li>UK Services inflation is extremely seasonal, and December vs. January patterns are always interesting. The market is betting on a sharp deflation in Services (non-seasonally-adjusted) in December of -0.6%.</li>
</ul>


Welcome to this short and sweet preview of the UK CPI report on Wednesday.
The focus point will be the Services CPI since the BoE keeps referring directly to this number in the communication around the possible policy pivot.
UK Services inflation is extremely seasonal, and December vs. January patterns are always interesting. The market is betting on a sharp deflation in Services (non-seasonally-adjusted) in December of -0.6%.


UK CPI Nugget: Is something wrong with services?