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

Elias Lisberg Glistrup

Macroeconomics

<ul><li>Today’s US CPI report was clearly hawkish on the surface, but looking closely, it is not all too demoralizing for those betting on continued risk-rallies and a path back to target.</li><li>Clear path and further downside to OER according to Zillow and repeat rent.</li><li>Though a modest surprise, components are not alarming albeit not helping Fed’s intentions.</li></ul>

Today’s US CPI report was clearly hawkish on the surface, but looking closely, it is not all too demoralizing for those betting on continued risk-rallies and a path back to target.Clear path and further downside to OER according to Zillow and repeat rent.Though a modest surprise, components are not alarming albeit not helping Fed’s intentions.

US CPI Reaction: Headache for Powell not so much markets