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: Hands down, I was wrong..

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>The preliminary European inflation numbers will be released during this week, while Germany has decided to postpone the release until after Easter.</li><li>We are leaning dovish relative to consensus, but due to VAT increases in Spanish electricity markets, it will not look like an outright home-run for disinflationistas in March either unless markets decide to focus on the TAX-constant HICP rates.</li><li>Spanish HICP (Wednesday) -&gt; Consensus 1.4%, Steno Research 1.26% </li></ul>

The preliminary European inflation numbers will be released during this week, while Germany has decided to postpone the release until after Easter.We are leaning dovish relative to consensus, but due to VAT increases in Spanish electricity markets, it will not look like an outright home-run for disinflationistas in March either unless markets decide to focus on the TAX-constant HICP rates.Spanish HICP (Wednesday) -&gt; Consensus 1.4%, Steno Research 1.26% 

EUR-flation watch: Spain is the dovish hawk