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

United kingdom & United states / Macroeconomics

<ul>
<li>A 0.7pp drop in US CPI inflation to 3.5% went 0.3pp further than the consensus forecast to deliver an inverted V-shaped recovery from US energy prices normalising.</li>
<li>Weakness was broad-based, with the core services impulse falling by 0.2% m-o-m in an abrupt turn from May’s 0.55% surge. Unfortunately, this good news may be an outlier.</li>
<li>Energy prices rebounded in July, but the US excess relative to the UK will fade swiftly, which would support our view that the BoE will tighten more than the Fed.</li>
</ul>


A 0.7pp drop in US CPI inflation to 3.5% went 0.3pp further than the consensus forecast to deliver an inverted V-shaped recovery from US energy prices normalising.
Weakness was broad-based, with the core services impulse falling by 0.2% m-o-m in an abrupt turn from May’s 0.55% surge. Unfortunately, this good news may be an outlier.
Energy prices rebounded in July, but the US excess relative to the UK will fade swiftly, which would support our view that the BoE will tighten more than the Fed.


US: Disinflation Flipped The V