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

USD CPI Review – A slightly hawkish surprise

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Another CPI report, another preparation piece, where we as always share our thoughts on the coming report, what to expect next, and how far the Fed is from their all-important mandate of 2% inflation.</li><li>Main conclusions/notes upfront: 1) The path to 2% is tricky or almost impossible for the next 6 months.</li><li>CPI needs to average 0% MoM, which does not seem feasible.</li></ul>

Another CPI report, another preparation piece, where we as always share our thoughts on the coming report, what to expect next, and how far the Fed is from their all-important mandate of 2% inflation.Main conclusions/notes upfront: 1) The path to 2% is tricky or almost impossible for the next 6 months.CPI needs to average 0% MoM, which does not seem feasible.

USD CPI Watch: The tricky path to 2% despite a soft report