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

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>The flash EA HICP inflation rate was marginally trimmed in August’s final print, causing it to round lower from 5.24%, while the ex-tobacco rate still printed at 5.2%.</li>
<li>Resurgent petrol prices prevented inflation from slowing by more, but powerful base effects in September should re-establish the steep trend decline.</li>
<li>Underlying inflation continues slowing to the extent that the monthly impulse is no longer significantly above target, which should spare the ECB from hiking again.</li>
</ul>


The flash EA HICP inflation rate was marginally trimmed in August’s final print, causing it to round lower from 5.24%, while the ex-tobacco rate still printed at 5.2%.
Resurgent petrol prices prevented inflation from slowing by more, but powerful base effects in September should re-establish the steep trend decline.
Underlying inflation continues slowing to the extent that the monthly impulse is no longer significantly above target, which should spare the ECB from hiking again.


Multiple Countries

EA: Disinflation Not Petering Out