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

Charting Beyond the Equity Market Headlines

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 2.9% flash for Oct-23. Disinflation was broadly experienced across countries, primarily driven by food and energy prices.</li>
<li>Underlying inflation has also eased further, with the median impulse now close to the ECB’s target in each of the EA’s Big-4 member states.</li>
<li>November remains likely to be a temporary trough ahead of December base effects. The ECB should hold rates if the impulse stays here and eventually cut if it falls further.</li>
</ul>


The final EA HICP inflation print confirmed the 2.9% flash for Oct-23. Disinflation was broadly experienced across countries, primarily driven by food and energy prices.
Underlying inflation has also eased further, with the median impulse now close to the ECB’s target in each of the EA’s Big-4 member states.
November remains likely to be a temporary trough ahead of December base effects. The ECB should hold rates if the impulse stays here and eventually cut if it falls further.


EA: Inflation Tracking Toward Target