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>There was broad weakness in European news over the past week, with broadly dismal PMI surveys outside the US, plus lower inflation and higher unemployment in the UK.</li>
<li>Policymakers are prepared to lean against second-round effects, but are likely to be cautious. We still see single rate hikes from the ECB in June and the BoE in July.</li>
<li>It’s a quiet, bank holiday-shortened week ahead in the UK and US, plus it's Eid in the Muslim world. With little data scheduled, the RBNZ and BOK become unusual highlights.</li>
</ul>


There was broad weakness in European news over the past week, with broadly dismal PMI surveys outside the US, plus lower inflation and higher unemployment in the UK.
Policymakers are prepared to lean against second-round effects, but are likely to be cautious. We still see single rate hikes from the ECB in June and the BoE in July.
It’s a quiet, bank holiday-shortened week ahead in the UK and US, plus it's Eid in the Muslim world. With little data scheduled, the RBNZ and BOK become unusual highlights.


HEW: Dampening Hawkish Urges