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>Resilient activity data does not align with tight policy rates, suggesting deep cuts may not be necessary. Despite the resilience and loosening conditions enjoyed by equities, they should not occur simultaneously. The proximity of equities and GBP to their peaks creates an unattractive asymmetry.</li><li>Next week, stretched market pricing may overshadow other factors due to a sparse data calendar and widespread late summer holidays.</li><li>The main event to look out for is the Flash EA inflation for August, with forecasts indicating a potential renewed slowdown in headline figures, aligning closely with the consensus.</li></ul>

Resilient activity data does not align with tight policy rates, suggesting deep cuts may not be necessary. Despite the resilience and loosening conditions enjoyed by equities, they should not occur simultaneously. The proximity of equities and GBP to their peaks creates an unattractive asymmetry.Next week, stretched market pricing may overshadow other factors due to a sparse data calendar and widespread late summer holidays.The main event to look out for is the Flash EA inflation for August, with forecasts indicating a potential renewed slowdown in headline figures, aligning closely with the consensus.

HEW: Pushback to Inconsistent Pricing