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

Prosperity/ Economy/ Probity/ Equity/ Property

US-China Relations: Biden-Xi Call Unlikely to Reverse the Deterioration in US-China Relations

UK: Winter Is Coming to Crush the Recovery

Covid: Policy Optimising Risk over Returns

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><em>Covid infections have been relatively subdued in Europe recently, but we still expect them to seasonally surge into the winter, despite vaccinations. The US demonstrates that it is possible and that hospitalisation rates are not breaking lower than last year.</em></li>
<li><em>Politicians are risk minimising for covid, with the UK government especially aggressive as it seeks to protect the struggling NHS. A return of some restrictions in the winter is likely to hit the UK harder than the US, while we still see the Euro area as in between.</em></li>
</ul>


Covid infections have been relatively subdued in Europe recently, but we still expect them to seasonally surge into the winter, despite vaccinations. The US demonstrates that it is possible and that hospitalisation rates are not breaking lower than last year.
Politicians are risk minimising for covid, with the UK government especially aggressive as it seeks to protect the struggling NHS. A return of some restrictions in the winter is likely to hit the UK harder than the US, while we still see the Euro area as in between.


Covid: Winter Is Coming Again