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

EA: Underlying Inflation Falling Past Peak

EA: Inflation Energises Another 50bp Hike

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 inflation continued its trend with another 0.6pp rise to 8.64% in June-22. The surprise pressures are moving back from the core components to energy and food.</li>
<li>Despite the upside headline surprise, Germany undershot our already low forecast, but Spain was beyond even our distant high view. Other countries skew to the upside.</li>
<li>We now forecast a more substantial increase in July to 8.9%, extending the trend further into the summer. The ECB has already committed to responding.</li>
</ul>


EA inflation continued its trend with another 0.6pp rise to 8.64% in June-22. The surprise pressures are moving back from the core components to energy and food.
Despite the upside headline surprise, Germany undershot our already low forecast, but Spain was beyond even our distant high view. Other countries skew to the upside.
We now forecast a more substantial increase in July to 8.9%, extending the trend further into the summer. The ECB has already committed to responding.


EA: Inflation Trend Stays for Summer