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>Europe's economic underperformance is overpriced, with labor cost increases exceeding target-consistent levels.</li><li>Current activity trends indicate a nearly neutral monetary policy.</li><li>The Bank of England is expected to maintain its position, while the European Central Bank and Federal Reserve are predicted to cut 25 basis points, with cuts likely to cease early in 2025.</li></ul>

Europe's economic underperformance is overpriced, with labor cost increases exceeding target-consistent levels.Current activity trends indicate a nearly neutral monetary policy.The Bank of England is expected to maintain its position, while the European Central Bank and Federal Reserve are predicted to cut 25 basis points, with cuts likely to cease early in 2025.

HEM: Shrinking Euro Doves