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

ECB: Inflation Alarm Wakes Policy in 2022

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>EA HICP inflation was confirmed at 5.0% y-o-y for Dec-21, while the ex-tobacco index printed at 109.97 (HTRO: 109.98).</li>
<li>A leg down in Jan-22 should start a headline trend.  The step-up in the core inflation impulse is more critical for us.</li>
<li>It implies upside and, for the first time since the sovereign debt crisis, it shows inflation settling near 2%.</li>
</ul>


EA HICP inflation was confirmed at 5.0% y-o-y for Dec-21, while the ex-tobacco index printed at 109.97 (HTRO: 109.98).
A leg down in Jan-22 should start a headline trend.  The step-up in the core inflation impulse is more critical for us.
It implies upside and, for the first time since the sovereign debt crisis, it shows inflation settling near 2%.


EA: Core Trend Ripped Above 2%