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>UK inflation unusually undershot forecasts as the CPI slowed by 73bp to 7.9% in Jun-23. The RPI’s drop to 10.7% matched our relatively low forecast (Consensus 10.9%).</li>
<li>Unlike the EA, downside surprises have been rare in the UK since its peak. The UK’s median and food price inflation impulse now compare favourably.</li>
<li>The BoE’s forceful response looks increasingly disproportionate to the CPI news as this outcome matches its forecast. Nonetheless, a 50bp hike remains likely in August.</li>
</ul>


UK inflation unusually undershot forecasts as the CPI slowed by 73bp to 7.9% in Jun-23. The RPI’s drop to 10.7% matched our relatively low forecast (Consensus 10.9%).
Unlike the EA, downside surprises have been rare in the UK since its peak. The UK’s median and food price inflation impulse now compare favourably.
The BoE’s forceful response looks increasingly disproportionate to the CPI news as this outcome matches its forecast. Nonetheless, a 50bp hike remains likely in August.


UK: Disinflation Challenges Narratives