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: Core Raises Inflation Again in Sep-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>UK inflation was a tenth above forecast as it rose to 9.4% and 11.8% on the CPI and RPI, with the news concentrated on food prices (“core” was as expected).</li>
<li>We extend the upside trend in food prices, bolstering the forecast, but keeping it relatively flat until 2023 outside the Oct-22 energy-related increase.</li>
<li>The BoE says it focuses on evidence of increased inflation persistence rather than its spot prints. Underlying measures eased again in June, albeit staying too high.</li>
</ul>


UK inflation was a tenth above forecast as it rose to 9.4% and 11.8% on the CPI and RPI, with the news concentrated on food prices (“core” was as expected).
We extend the upside trend in food prices, bolstering the forecast, but keeping it relatively flat until 2023 outside the Oct-22 energy-related increase.
The BoE says it focuses on evidence of increased inflation persistence rather than its spot prints. Underlying measures eased again in June, albeit staying too high.


UK: Inflation Focusing on Food Again