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>PMIs signal a deeper demand destruction in Europe, even as the shock fades in the UK and US. The EA is often the worst performer during times of macro stress.</li>
<li>Manufacturing surveys have stayed solid, rising since the war began, partly supported by the perverse boost from longer delivery times. But the EA still underperforms.</li>
<li>The ECB’s greater weight on excess inflation than supply does not mean it ignores demand destruction. A gloomy shift in the trade-off reduces the risk of multiple hikes.</li>
</ul>


PMIs signal a deeper demand destruction in Europe, even as the shock fades in the UK and US. The EA is often the worst performer during times of macro stress.
Manufacturing surveys have stayed solid, rising since the war began, partly supported by the perverse boost from longer delivery times. But the EA still underperforms.
The ECB’s greater weight on excess inflation than supply does not mean it ignores demand destruction. A gloomy shift in the trade-off reduces the risk of multiple hikes.


Demand Destroyed in Euro PMIs