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 increased in July on household energy utility price base effects, but unusual downside news in services prices limited the move to 2.2% and 3.6% on the CPI and RPI.</li><li>The BoE erroneously extrapolated recent services strength, so a return to the downward trend would widen the gap in the coming months, but its predictive power is poor.</li><li>Slowing trends can aid the MPC to cut again in November but further headline rises and excessive wage pressures should encourage at least a longer pause afterwards.</li></ul><p></p>

UK inflation increased in July on household energy utility price base effects, but unusual downside news in services prices limited the move to 2.2% and 3.6% on the CPI and RPI.The BoE erroneously extrapolated recent services strength, so a return to the downward trend would widen the gap in the coming months, but its predictive power is poor.Slowing trends can aid the MPC to cut again in November but further headline rises and excessive wage pressures should encourage at least a longer pause afterwards.

UK Services CPI Realigns With Trend