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>Unsurprising US inflation data for February preserved the annual rates above the target, with the monthly impulse of this and underlying measures also stuck too high.</li>
<li>The tariff shock was the dog that didn’t bite, but this energy supply shock will do much more than just bark. Firms can’t avoid energy prices like they can tariffs.</li>
<li>Surging gasoline prices undo the progress that recent months had created for Fed cuts. The shock is less bad than in Europe, but it's tough to ease into this environment.</li>
</ul>


Unsurprising US inflation data for February preserved the annual rates above the target, with the monthly impulse of this and underlying measures also stuck too high.
The tariff shock was the dog that didn’t bite, but this energy supply shock will do much more than just bark. Firms can’t avoid energy prices like they can tariffs.
Surging gasoline prices undo the progress that recent months had created for Fed cuts. The shock is less bad than in Europe, but it's tough to ease into this environment.


US: A Less Good Place For Inflation