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>Surging fuel prices helped push UK inflation back up to 3.3% in March, with the dip in April looking increasingly small, despite no passthrough to energy utility bills until July.</li>
<li>The inflationary hump has shrunk with energy futures retracing rises, but our forecast remains relatively high, aided by airfares, and we still see upside risks to our profile. </li>
<li>Those risks justify a more hawkish market path than our modal view for steady policy rates, while persistent excess is inconsistent with dovish consensus hopes for cuts.</li>
</ul>


Surging fuel prices helped push UK inflation back up to 3.3% in March, with the dip in April looking increasingly small, despite no passthrough to energy utility bills until July.
The inflationary hump has shrunk with energy futures retracing rises, but our forecast remains relatively high, aided by airfares, and we still see upside risks to our profile. 
Those risks justify a more hawkish market path than our modal view for steady policy rates, while persistent excess is inconsistent with dovish consensus hopes for cuts.


UK: Refuelling Inflation Excess