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 Inflation: Apr-19 Surge Against Down-Trend

UK Inflation: Broad Resilience Against May-19 Airfares

UK Inflation: Jun-19 Stability Ahead of a Slowing

UK Inflation: Devilish Detail Extending Trends

FLASH: UK Inflation Grinds near Its Trough in Jan-19

Preview: UK Disinflation Regulated for Jan-19

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 data were disappointingly stable, with the CPI at 1.9% and the RPI rate rounding down to 2.44% (index at 288.1).</li>
<li>Airfares and household energy prices are still set to spike inflation up in April by a potentially surprising degree.</li>
<li>The BoE’s February forecasts were not disappointed by the latest outcome and should be revised up in May. My modal forecast remains for an Aug-19 rate hike.</li>
</ul>


UK inflation data were disappointingly stable, with the CPI at 1.9% and the RPI rate rounding down to 2.44% (index at 288.1).
Airfares and household energy prices are still set to spike inflation up in April by a potentially surprising degree.
The BoE’s February forecasts were not disappointed by the latest outcome and should be revised up in May. My modal forecast remains for an Aug-19 rate hike.


UK Inflation: Stable Before the Apr-19 Surge