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>EA HICP inflation was trimmed to 9.9% in the final print for Sep-22, as we expected after Spain’s release last week, and yet contrary to the consensus for no change.</li>
<li>Underlying inflationary impulses remain sticky near their highs in many countries, while Italy is pushing new peaks. Food and energy will also support again in October.</li>
<li>We are slightly above the economic consensus with flat rather than falling rates in the near term. The ECB will probably punch out another 75bp rate hike in response.</li>
</ul>


EA HICP inflation was trimmed to 9.9% in the final print for Sep-22, as we expected after Spain’s release last week, and yet contrary to the consensus for no change.
Underlying inflationary impulses remain sticky near their highs in many countries, while Italy is pushing new peaks. Food and energy will also support again in October.
We are slightly above the economic consensus with flat rather than falling rates in the near term. The ECB will probably punch out another 75bp rate hike in response.


EA: Final HICP Trimmed at Excessive High