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>Flash EA inflation only slowed by 15bp to 8.49% in Feb-23. That was 18bp above our forecast but 0.3pp above the consensus, breaking the downward surprise trend.</li>
<li>Germany contributed the most upside to our view, but there was a broad skew higher in food prices, core goods, and headline rates outside the big-4 countries.</li>
<li>Powerful base effects should still trigger a steep drop in March, but resilience in core and food price inflation reinforces our hawkish view of a stronger underlying trend.</li>
</ul>


Flash EA inflation only slowed by 15bp to 8.49% in Feb-23. That was 18bp above our forecast but 0.3pp above the consensus, breaking the downward surprise trend.
Germany contributed the most upside to our view, but there was a broad skew higher in food prices, core goods, and headline rates outside the big-4 countries.
Powerful base effects should still trigger a steep drop in March, but resilience in core and food price inflation reinforces our hawkish view of a stronger underlying trend.


EA: HICP Scarcely Slows Pace in Feb-23