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>In another very dovish report, the Riksbank signalled an unchanged repo rate over its entire forecast period to 2024Q3, while keeping the idea of a rate cut open.</li>
<li>GDP forecasts have risen again, and while inflation forecasts have also increased for this year and next, the CPIF rate is still expected to remain below or close to the 2% target.</li>
<li>Without formally shifting to a Fed-style average inflation target, the RB reiterates its view that unexpected inflation overshoots could offset the impact of recent undershoots, helping to anchor price and wage expectations.</li>
</ul>


In another very dovish report, the Riksbank signalled an unchanged repo rate over its entire forecast period to 2024Q3, while keeping the idea of a rate cut open.
GDP forecasts have risen again, and while inflation forecasts have also increased for this year and next, the CPIF rate is still expected to remain below or close to the 2% target.
Without formally shifting to a Fed-style average inflation target, the RB reiterates its view that unexpected inflation overshoots could offset the impact of recent undershoots, helping to anchor price and wage expectations.


Sweden: Riksbank Sings the Same Song