Chief Economist, Heteronomics

Phil Rush

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>The final EA HICP inflation print confirmed a slight slowing to 8.5% in Feb-23. The ex-tobacco rate hit 8.61%, only 2bps above our forecast amid marginal news in the details.</li>
<li>Resilience was also confirmed in the core measures, which do not appear to be converging towards target-consistent rates. Excesses haven’t broken yet.</li>
<li>March may undershoot the consensus amid less seasonal space to rebound from January, but we see inflation trending above the ECB’s forecast, encouraging more rate hikes.</li>
</ul>


The final EA HICP inflation print confirmed a slight slowing to 8.5% in Feb-23. The ex-tobacco rate hit 8.61%, only 2bps above our forecast amid marginal news in the details.
Resilience was also confirmed in the core measures, which do not appear to be converging towards target-consistent rates. Excesses haven’t broken yet.
March may undershoot the consensus amid less seasonal space to rebound from January, but we see inflation trending above the ECB’s forecast, encouraging more rate hikes.


EA: HICP Resilience Confirmed in Feb-23