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

Macro Regime Indicator: Liquidity is Starting to Improve

The Week At A Glance: Soft Inflation, accelerating Nat Gas and input costs..

Energy Cable: How solid is the Nat Gas bull case here?

Steno Signals #111 – More or less liquidity? More or less recession? More or less real?

Steno Signals #110: Run for the hills? Not so fast..

Steno Signals #109 – What if We Are All Wrong on Liquidity, Rates and Commodities?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Welcome to our US Inflation Watch.</li><li>We see US CPI inflation coming in at 2.8% YoY and 0.1% MoM, with core inflation at firm  3.1% YoY and 4 bps hotter than headline on the month.</li><li>This is clearly below the early consensus, even if a few contributors dare to forecast even lower inflation levels than us.</li></ul>

Welcome to our US Inflation Watch.We see US CPI inflation coming in at 2.8% YoY and 0.1% MoM, with core inflation at firm  3.1% YoY and 4 bps hotter than headline on the month.This is clearly below the early consensus, even if a few contributors dare to forecast even lower inflation levels than us.

US Inflation Watch: Disinflation scare or relief?