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 inflation reversed its previous upside surprise to print down at 2.44% in March. Core inflation was 2bps softer at 2.946% amid non-energy industrial goods price weakness.</li><li>Services inflation once again surprised on the upside by refusing to budge from 4% for the fifth consecutive month despite potential Olympic-related weakness in France.</li><li>The ECB can welcome headline disinflation, but without seeing a slowing in services inflation, we still believe it will not be convinced to start cutting interest rates.</li></ul><p></p>

EA inflation reversed its previous upside surprise to print down at 2.44% in March. Core inflation was 2bps softer at 2.946% amid non-energy industrial goods price weakness.Services inflation once again surprised on the upside by refusing to budge from 4% for the fifth consecutive month despite potential Olympic-related weakness in France.The ECB can welcome headline disinflation, but without seeing a slowing in services inflation, we still believe it will not be convinced to start cutting interest rates.

EA Services Don’t Dis-inflate for Doves