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>The Fed made a forceful 50bp rate cut despite data resilience, with concerns of over-easing due to excessive focus on politics and labour demand. Meanwhile, Brazil has begun reversing its rate cuts and the BoE is exercising caution.</li><li>Next week, the dovish focus will shift to the SNB, Riksbank and Bank of Mexico. Fed speakers may moderate dovish extrapolated pricing after strongly encouraging it.</li><li>Key inflation highlights to watch out for are France and Spain’s Flash HICP for September and the US PCE for August.</li></ul>

The Fed made a forceful 50bp rate cut despite data resilience, with concerns of over-easing due to excessive focus on politics and labour demand. Meanwhile, Brazil has begun reversing its rate cuts and the BoE is exercising caution.Next week, the dovish focus will shift to the SNB, Riksbank and Bank of Mexico. Fed speakers may moderate dovish extrapolated pricing after strongly encouraging it.Key inflation highlights to watch out for are France and Spain’s Flash HICP for September and the US PCE for August.

HEW: Fed Risks Forcing a Failure to Land