Chief Economist, Heteronomics

Phil Rush

Philip Rush is the Founder and Chief Economist of Heteronomics. Until launching in November 2016, he was Nomura's Senior European Economist and was the Chief UK Economist there since 2010. Before that, he was UK Economist at Barclays Wealth, where he also developed strategic asset allocation models for their market return portfolios. Philip started his career at Lehman Brothers covering the UK, Scandinavian and Swiss economies. A book on his fundamental framework was published in January 2018 as "Real Market Economics".

Chief Economist

Covid: Policy Optimising Risk over Returns

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul>
<li>Covid cases have been rising rapidly with the seasonal change, leading to a return of activity restrictions, consistent with our long-held view.</li>
<li>We believe the breadth and intensity of measures are likely to become more severe through the winter. The omicron-variant lends its name to the known risk of a vaccine-evasive strain.</li>
<li>The risk-minimising political reaction function may tighten far more. The BoE should resist hiking into this, lest it compounds pains excessively. </li>
</ul>


Covid cases have been rising rapidly with the seasonal change, leading to a return of activity restrictions, consistent with our long-held view.
We believe the breadth and intensity of measures are likely to become more severe through the winter. The omicron-variant lends its name to the known risk of a vaccine-evasive strain.
The risk-minimising political reaction function may tighten far more. The BoE should resist hiking into this, lest it compounds pains excessively. 


Covid: Winter Arrives with a Chill