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 undershot forecasts for a change, as the CPI and RPI rates slowed in August. The news was more mixed for us, with small offsetting surprises.</li>
<li>Some past shocks are not repeating, with negative payback compounding the effect on transport prices. Underlying inflation remains far too high, though. </li>
<li>CPI inflation is in line with the BoE’s August forecast, while the new energy price cap has hacked down the peak. Forceful rate hikes should moderate after Sep-22’s jump.</li>
</ul>


UK inflation undershot forecasts for a change, as the CPI and RPI rates slowed in August. The news was more mixed for us, with small offsetting surprises.
Some past shocks are not repeating, with negative payback compounding the effect on transport prices. Underlying inflation remains far too high, though. 
CPI inflation is in line with the BoE’s August forecast, while the new energy price cap has hacked down the peak. Forceful rate hikes should moderate after Sep-22’s jump.


UK: Inflation Squeezes Less in Aug-22