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>The near-term inflation outlook is swinging with the fundamental news about supply disruption in the Middle East, but there is a statistical element to how that hits the CPI. </li>
<li>Updated weights for 2026 have derated gas to record lows, conveniently trimming that passthrough, but the CPI’s indirect energy intensity has held steady at 1.65%. </li>
<li>A deflated gas weight is easily captured, but core passthrough may prove surprisingly strong again, especially if excessive inflation expectations power second-round effects.</li>
</ul>


The near-term inflation outlook is swinging with the fundamental news about supply disruption in the Middle East, but there is a statistical element to how that hits the CPI. 
Updated weights for 2026 have derated gas to record lows, conveniently trimming that passthrough, but the CPI’s indirect energy intensity has held steady at 1.65%. 
A deflated gas weight is easily captured, but core passthrough may prove surprisingly strong again, especially if excessive inflation expectations power second-round effects.


UK: Inflation Intensities Re-Weighted