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

FLASH: UK Services Subdued Back to Q1 Lows

FLASH: UK PMIs Weaker than for Historical Hikes

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

- Another rise in April’s services PMI unwinds the UK's Q1 slowdown. As the index of services data implied for Q1 grew by about half the PMI’s pace over that period, this rebound may be overstating optimism. Nonetheless, it provides hawks with something to hang their case on rather than hibernating amid weakness elsewhere.An increase in the services PMI to 55.8 completes the trifecta of upside surprises for the UK surveys in April. After the latest 0.8-point rise, the Q1 slowdown in the services…

- Another rise in April’s services PMI unwinds the UK's Q1 slowdown. As the index of services data implied for Q1 grew by about half the PMI’s pace over that period, this rebound may be overstating optimism. Nonetheless, it provides hawks with something to hang their case on rather than hibernating amid weakness elsewhere.An increase in the services PMI to 55.8 completes the trifecta of upside surprises for the UK surveys in April. After the latest 0.8-point rise, the Q1 slowdown in the services…

FLASH: UK PMI Prevents Hawks Hibernating