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>EA inflation was revised up by 3bps, rounding to 2.6% and partly reversing the downside flash surprise. Surging auto fuel drives inflation, with broader pressures still to transmit.</li>
<li>Politicians are attempting to moderate the shock, with a current focus on auto fuel, usually with tax cuts. Some energy utility measures are taken, but more will follow.</li>
<li>Underlying pressures were more benign than the headline surge, depriving the ECB of evidence to support a rate hike yet. We still expect that to come in June instead.</li>
</ul>


EA inflation was revised up by 3bps, rounding to 2.6% and partly reversing the downside flash surprise. Surging auto fuel drives inflation, with broader pressures still to transmit.
Politicians are attempting to moderate the shock, with a current focus on auto fuel, usually with tax cuts. Some energy utility measures are taken, but more will follow.
Underlying pressures were more benign than the headline surge, depriving the ECB of evidence to support a rate hike yet. We still expect that to come in June instead.


EA: HICP and Politicians Energised