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>Flash EA inflation plummeted by 74bp in Jan-23 to 8.46% y-o-y. That was 20bps below our forecast, which was already about 0.4pp under the consensus.</li>
<li>Germany’s postponed release left Eurostat to estimate an even lower outcome than we assumed. An update 0.6pp less weak next week would prompt an 18bp EA revision.</li>
<li>The headline’s roll into a downward trend has also shifted surprises. Still, it has not dented the hawkish underlying pressures pushing further ECB rate hikes.</li>
</ul>


Flash EA inflation plummeted by 74bp in Jan-23 to 8.46% y-o-y. That was 20bps below our forecast, which was already about 0.4pp under the consensus.
Germany’s postponed release left Eurostat to estimate an even lower outcome than we assumed. An update 0.6pp less weak next week would prompt an 18bp EA revision.
The headline’s roll into a downward trend has also shifted surprises. Still, it has not dented the hawkish underlying pressures pushing further ECB rate hikes.


EA: HICP Limbos Under Jan-23 Forecasts