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>Renewed attacks in the Gulf and Trump’s assertion that the ceasefire is dead reversed the MOU-related decline in gas and electricity prices, although oil remains cheap.</li>
<li>Rate expectations have increased in response to the intensified energy supply shock, especially in Europe, but we still see the BoE as underpriced relative to the Fed.</li>
<li>Next week’s US inflation data should show good news from oil price falls, while the final EA release can confirm it. Policy decisions will come in Canada and Korea.</li>
</ul>


Renewed attacks in the Gulf and Trump’s assertion that the ceasefire is dead reversed the MOU-related decline in gas and electricity prices, although oil remains cheap.
Rate expectations have increased in response to the intensified energy supply shock, especially in Europe, but we still see the BoE as underpriced relative to the Fed.
Next week’s US inflation data should show good news from oil price falls, while the final EA release can confirm it. Policy decisions will come in Canada and Korea.


HEW: Re-Energised Supply Shock