AI Generated Content, Heteronomics

Heteronomics AI

AI Generated Content

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>The Monetary Authority of Singapore held the S$NEER band’s slope, width and centre, surprising 17 of 20 economists who expected a steeper appreciation path.</li>
<li>The hold raises the bar for further tightening, but energy, food and AI-led wage pressures could still force a January move.</li>
<li>Easing inflation and a shrinking output gap favour an extended pause in the exchange-rate appreciation policy, albeit with risks skewed to another steepening in January.</li>
</ul>


The Monetary Authority of Singapore held the S$NEER band’s slope, width and centre, surprising 17 of 20 economists who expected a steeper appreciation path.
The hold raises the bar for further tightening, but energy, food and AI-led wage pressures could still force a January move.
Easing inflation and a shrinking output gap favour an extended pause in the exchange-rate appreciation policy, albeit with risks skewed to another steepening in January.


Chief Economist, Heteronomics

Phil Rush

Chief Economist

<ul>
<li>US inflation exceeded the final consensus for September, but by a margin that was too marginal to seem significant. Underlying impulses were also stable at excessive levels.</li>
<li>The cumulative news is much more substantial, with the 36bp rise in the headline at odds with a month-ago consensus for no change. Pressure to hike again is growing.</li>
<li>We don’t see this upside as sufficient to overcome recent cautious guidance and the downside labour market news, so we still see the Fed waiting to hike until December.</li>
</ul>


US inflation exceeded the final consensus for September, but by a margin that was too marginal to seem significant. Underlying impulses were also stable at excessive levels.
The cumulative news is much more substantial, with the 36bp rise in the headline at odds with a month-ago consensus for no change. Pressure to hike again is growing.
We don’t see this upside as sufficient to overcome recent cautious guidance and the downside labour market news, so we still see the Fed waiting to hike until December.


Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

<ul>
<li>Fiscal consolidation in 2026 was stalled, as increased spending on energy subsidies was only partially offset by petroleum and tax revenue windfalls. </li>
<li>While the macroeconomic assumptions underpinning the budget are credible, the reduction in the deficit ratio is largely driven by nominal growth rather than cash consolidation.</li>
<li>The fiscal rules, however, are slipping. A 3.0% deficit target is no longer achievable, and debt is stuck above the statutory target. </li>
</ul>


Fiscal consolidation in 2026 was stalled, as increased spending on energy subsidies was only partially offset by petroleum and tax revenue windfalls. 
While the macroeconomic assumptions underpinning the budget are credible, the reduction in the deficit ratio is largely driven by nominal growth rather than cash consolidation.
The fiscal rules, however, are slipping. A 3.0% deficit target is no longer achievable, and debt is stuck above the statutory target. 


Malaysia Economics: Fiscal Consolidation Stalls in Pre-Election Budget

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li> Reading the Early Signals Consumer Demand Remains Resilient, but Momentum Is Modest Fixed Income Flows</li><li>This Week Key FocusChina Inflation Rate – September 2026 (Wednesday)China Trade Balance – September 2026 (Wednesday)United States Inflation and Core Inflation Rate – September 2026 (Wednesday)</li><li>United States Retail Sales – September 2026 (Wednesday)Euro Area Inflation and Core Inflation Rate – September 2026 (Wednesday)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

 Reading the Early Signals Consumer Demand Remains Resilient, but Momentum Is Modest Fixed Income FlowsThis Week Key FocusChina Inflation Rate – September 2026 (Wednesday)China Trade Balance – September 2026 (Wednesday)United States Inflation and Core Inflation Rate – September 2026 (Wednesday)United States Retail Sales – September 2026 (Wednesday)Euro Area Inflation and Core Inflation Rate – September 2026 (Wednesday)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Oct 12, 2026

External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

ABN AMRO is a personal bank in the digital age. A bank committed to playing a serious role in society. This digital age helps us to bring banking ever closer to our clients and what they need. Our areas of focus are inclusion, sustainability, social entrepreneurship, innovation, daily banking and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Carbon capture and storage (CCS) is increasingly viewed as a necessary complement to energy efficiency and renewable energy in achieving net zero-emissions.</li><li>The EU has acknowledged this role by establishing a certification framework for carbon removals, carbon farming and carbon storage in products.</li><li>Global CCS deployment is projected to increase from 60 MtCO2/year today to 2.6 GtCO2/year in 2060. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carbon capture and storage (CCS) is increasingly viewed as a necessary complement to energy efficiency and renewable energy in achieving net zero-emissions.The EU has acknowledged this role by establishing a certification framework for carbon removals, carbon farming and carbon storage in products.Global CCS deployment is projected to increase from 60 MtCO2/year today to 2.6 GtCO2/year in 2060. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carbon Capture and Storage: what does the future hold?

Macroeconomics
Macroeconomics Insights

MAS Sets a Higher Bar

MAS’s surprise hold raises the bar for more tightening, but persistent energy, food or AI-led wage pressures could still force action in January.

Heteronomics AI

US: Inflating a December Hike

US inflation’s cumulative rise is building pressure for another Fed hike, but cautious guidance and weaker labour data should delay action until...

Phil Rush

Malaysia Economics: Fiscal Consolidation Stalls in Pre-Election Budget

Malaysia's federal budget for 2027 features tax cuts and spending rises that stall the pace of fiscal repair that, while not destabilising, limits...

Manu Bhaskaran

BRIDS Weekly Update Economic & Fixed Income Research Monday, Oct 12, 2026

This Week Key FocusChina Inflation Rate – September 2026 (Wednesday)China Trade Balance – September 2026 (Wednesday)United States Inflation and...

BRI Danareksa Research

Carbon Capture and Storage: what does the future hold?

Carbon capture and storage (CCS) is increasingly viewed as a necessary complement to energy efficiency and renewable energy in achieving net zero...

ABN AMRO