Our Expertise

We can count on a broad range of technical skills and hands-on experience in central banks.

Underlying Inflation was founded by Riccardo Trezzi to provide a comprehensive collection of statistical and econometric models for real-time analysis to monitor and forecast medium-term price and wage inflation.

We offer a variety of services, including model based statistical and econometric analyses, and ad-hoc consultancy services. We are specialized in providing evidence based real-time results that feed in decision processes.

We leverage on our extensive experience working in the major central banks of the world, including our experience in simplifying and communicating the results.

Our list of clients includes large macro hedge funds, multi-strategy funds, private investment firms, and global venture capital funds

Riccardo Trezzi, PhD economist by training, is the founder of Underlying Inflation. 

After receiving his Ph.D. in Economics from the University of Cambridge in the U.K., Riccardo worked on the inflation desk of the Federal Reserve Board of Governors in Washington D.C. for several years where he regularly briefed Board members and contributed to the Fed staff forecast. After the Fed Board, Riccardo joined the inflation desk of the European Central Bank in Frankfurt where he contributed to the 2020-2021 ECB strategy review. Riccardo has published several academic papers on peer reviewed international journals on several topics including inflation dynamics, the labor market, and households’ consumption.

In his free time, you can find him cycling, hiking on Swiss Alps or gardening in his Japanese Bonsai garden.

Discover our consultancy offers

Our standard packages of consultancy can be purchased separately or all together in a single agreement


Trezzi consulting is a Swiss registered firm that offers independent economic and statistical consulting services. Trezzi consulting does not have access to any classified information of any central bank, including the Federal Reserve. All econometric and statistical models included in the packages are either developed in-house or they are based on publicly available documents such as papers and notes.