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

EUR-flation watch: Spain is the dovish hawk

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>We had hoped for a soft European inflation report in February, but we have to admit that we were off.</li><li>End of discussion.</li><li>Rents, energy-tariffs / network-prices and a few wage heavy service categories continue to keep February inflation numbers elevated, albeit substantially lower than in 2023, and our nowcasts suffer a bit from changes in lead/lags on especially wage heavy categories.</li></ul>

We had hoped for a soft European inflation report in February, but we have to admit that we were off.End of discussion.Rents, energy-tariffs / network-prices and a few wage heavy service categories continue to keep February inflation numbers elevated, albeit substantially lower than in 2023, and our nowcasts suffer a bit from changes in lead/lags on especially wage heavy categories.

EUR-flation Watch: Hands down, I was wrong..