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>We see US inflation printing at 0.37% MoM in headline terms and 0.26% MoM in core terms.</li><li>That leaves us in line with consensus, but with a bias/tilt towards an 0.1%-points surprise on the low side of consensus.</li><li>The re-acceleration of owners equivalent of rent to levels close to 0.6% in January looked odd, but on a “good day” we should likely expect a reversal to the trend just above 0.4% MoM in February (see chart 1).</li></ul>

We see US inflation printing at 0.37% MoM in headline terms and 0.26% MoM in core terms.That leaves us in line with consensus, but with a bias/tilt towards an 0.1%-points surprise on the low side of consensus.The re-acceleration of owners equivalent of rent to levels close to 0.6% in January looked odd, but on a “good day” we should likely expect a reversal to the trend just above 0.4% MoM in February (see chart 1).

US Inflation Watch: OER a one-off?