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's expectations surpassed the September call, leading to a shift from a hawkish to a neutral stance on the market. This change occurred just as a dovish Fed and payrolls emerged. There is still perceived value in using equity options to hedge against potential downside risk.</li><li>Despite positive recent news, the Bank of England (BoE) appears eager to implement cuts. This bias is expected to persist in its decision, although there is no indication that a cut is imminent.</li><li>Notable events include the end of the technical UK recession and rate decisions in Australia, Sweden, Malaysia, Brazil, and Peru.</li></ul>

The Fed's expectations surpassed the September call, leading to a shift from a hawkish to a neutral stance on the market. This change occurred just as a dovish Fed and payrolls emerged. There is still perceived value in using equity options to hedge against potential downside risk.Despite positive recent news, the Bank of England (BoE) appears eager to implement cuts. This bias is expected to persist in its decision, although there is no indication that a cut is imminent.Notable events include the end of the technical UK recession and rate decisions in Australia, Sweden, Malaysia, Brazil, and Peru.

HEW: Policy Plumage Evolving