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

UK: GDP Normalisation Falls Flat in Jul-22

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>Global manufacturing is trending towards contractions, with the Euro area now leading the way for the worse. At least price pressures are easing in the process.</li>
<li>Services are also being increasingly smashed, proportional to accelerated policy tightening, with the US indicated as contracting, and the EA on the cusp of joining it.</li>
<li>Survey-Based measures of activity don’t always move with the hard data. However, broad trend shifts tend to be shared signals rather than noise, so they need respect.</li>
</ul>


Global manufacturing is trending towards contractions, with the Euro area now leading the way for the worse. At least price pressures are easing in the process.
Services are also being increasingly smashed, proportional to accelerated policy tightening, with the US indicated as contracting, and the EA on the cusp of joining it.
Survey-Based measures of activity don’t always move with the hard data. However, broad trend shifts tend to be shared signals rather than noise, so they need respect.


Multiple Countries

Surveys Screeching Toward Recession