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 CPI inflation exceeded expectations again as it only slowed to 2.3% in April amid broad resilience in the core and services. The 3m-o-3m and 6m rates are back above 2%.</li><li>Firms continue to agree and pass through wage increases inconsistent with a sustainable return to the target. UK inflation’s median monthly impulse remains stuck at 3%.</li><li>We still see excessive underlying pressures persisting but recognise the BoE’s dovish bias. It may only postpone its premature rate cut until August on upside news.</li></ul><p></p>

UK CPI inflation exceeded expectations again as it only slowed to 2.3% in April amid broad resilience in the core and services. The 3m-o-3m and 6m rates are back above 2%.Firms continue to agree and pass through wage increases inconsistent with a sustainable return to the target. UK inflation’s median monthly impulse remains stuck at 3%.We still see excessive underlying pressures persisting but recognise the BoE’s dovish bias. It may only postpone its premature rate cut until August on upside news.

UK Inflation Excess Broadly Persists