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 the steep drop to 6.88% in Mar-23, close to the similarly unsurprising ex-tobacco rate amid marginal news in the details.</li>
<li>There wasn’t much room for seasonal normalisation from January’s cuts. Other price rises remained broadly excessive, supporting underlying inflation measures.</li>
<li>The ECB needs to tighten policy further to break economic excesses and achieve its target. So we still expect 25bps rate hikes at its May and June meetings.</li>
</ul>


The final EA HICP inflation print confirmed the steep drop to 6.88% in Mar-23, close to the similarly unsurprising ex-tobacco rate amid marginal news in the details.
There wasn’t much room for seasonal normalisation from January’s cuts. Other price rises remained broadly excessive, supporting underlying inflation measures.
The ECB needs to tighten policy further to break economic excesses and achieve its target. So we still expect 25bps rate hikes at its May and June meetings.


EA: Narrow HICP Slowing in Mar-23