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>European surveys are sending mixed messages, as the PMIs crash while the ESI is stalled. We see residual seasonality polluting the PMI, making its moves more noise than signal.</li><li>Employment growth remains strong amid poor productivity, although the EEI has dipped, and its strength has narrowed, shrinking its gap to the ESI level and breadth. </li><li>Services price expectations are also resilient in the Commission’s survey. Extrapolating the noisier weak metrics risks excess stimulus and a policy reversal in 2025.</li></ul><p></p>

European surveys are sending mixed messages, as the PMIs crash while the ESI is stalled. We see residual seasonality polluting the PMI, making its moves more noise than signal.Employment growth remains strong amid poor productivity, although the EEI has dipped, and its strength has narrowed, shrinking its gap to the ESI level and breadth. Services price expectations are also resilient in the Commission’s survey. Extrapolating the noisier weak metrics risks excess stimulus and a policy reversal in 2025.

EA Stalled Without Crashing