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 final EA HICP inflation print confirmed the surprisingly soft flash of 2.4% for Nov-23. Core inflation was also steady at 3.56%, while the HICPxT unsurprisingly hit 2.29%.</li>
<li>The downtrend is still set to break in December on base effects from last year’s energy price subsidies in Germany. Underlying inflation mostly remains around 2% (annualised).</li>
<li>Italy dipped low, which would warrant rate cuts in the unlikely event that it broadens and sustains. Wage pressures should pose resistance and discourage cuts until mid-24.</li>
</ul>


The final EA HICP inflation print confirmed the surprisingly soft flash of 2.4% for Nov-23. Core inflation was also steady at 3.56%, while the HICPxT unsurprisingly hit 2.29%.
The downtrend is still set to break in December on base effects from last year’s energy price subsidies in Germany. Underlying inflation mostly remains around 2% (annualised).
Italy dipped low, which would warrant rate cuts in the unlikely event that it broadens and sustains. Wage pressures should pose resistance and discourage cuts until mid-24.


EA: German Reflation About to Blow