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

EA: Starting 2026 At Inflation’s Trough

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 exploded out of its January trough to hit 1.9% in February. The upside news was broad across special aggregates and countries, compounding the hawkish signal.</li>
<li>Services strengthen the underlying story, with past energy price falls responsible for the ongoing slight target undershoot. War with Iran is flipping that energy price story. </li>
<li>The ECB can remain in its good place for now. The broad underlying strength renews the likelihood that it heads in a hawkish direction when it leaves the good place.</li>
</ul>


EA inflation exploded out of its January trough to hit 1.9% in February. The upside news was broad across special aggregates and countries, compounding the hawkish signal.
Services strengthen the underlying story, with past energy price falls responsible for the ongoing slight target undershoot. War with Iran is flipping that energy price story. 
The ECB can remain in its good place for now. The broad underlying strength renews the likelihood that it heads in a hawkish direction when it leaves the good place.


EA: Inflation Explodes Before The War