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>Rising headline inflation is stoking fear of an excessive reflation that fundamental shifts prevent traditional models from capturing. Statistical measures can cross-check.</li>
<li>We watch several measures of underlying inflation to avoid being blind-sided by crucial regime changes, and combine them into baskets optimised for different horizons.</li>
<li>Underlying pressures remain broadly subdued, especially in the UK, despite being a focal point for reflation concern. Only Norway has above-target pressure at the 2-year horizon, consistent with the relatively hawkish policy outlook there.</li>
</ul>


Rising headline inflation is stoking fear of an excessive reflation that fundamental shifts prevent traditional models from capturing. Statistical measures can cross-check.
We watch several measures of underlying inflation to avoid being blind-sided by crucial regime changes, and combine them into baskets optimised for different horizons.
Underlying pressures remain broadly subdued, especially in the UK, despite being a focal point for reflation concern. Only Norway has above-target pressure at the 2-year horizon, consistent with the relatively hawkish policy outlook there.


Underlying Inflation Baskets Stay Light