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>May CPI inflation disappointed expectations by 0.2pp in both Sweden and Norway as they declined by 41bps to 1.8% and 27bps to 2.7% respectively. We were slightly below the consensus for Sweden, and the CPIF rounded in line with our forecast at 2.1%.</li>
<li>Disinflationary relief came in some of the areas where wholesale and capacity constraints have been building globally. Both revealed food and recreation prices lower than expected. Furniture prices also crashed in Norway.</li>
<li>We still see underlying inflation as relatively subdued and expect Nordic inflation to converge at below-target levels through 2022.</li>
</ul>


May CPI inflation disappointed expectations by 0.2pp in both Sweden and Norway as they declined by 41bps to 1.8% and 27bps to 2.7% respectively. We were slightly below the consensus for Sweden, and the CPIF rounded in line with our forecast at 2.1%.
Disinflationary relief came in some of the areas where wholesale and capacity constraints have been building globally. Both revealed food and recreation prices lower than expected. Furniture prices also crashed in Norway.
We still see underlying inflation as relatively subdued and expect Nordic inflation to converge at below-target levels through 2022.


Scandinavian Inflation Sits and Rests