US: Above trend growth – ANZ

The Atlanta Fed’s GDPNow estimate for US Q3 growth is sitting at a 2.1% saar pace and That is for a quarter knocked around by hurricanes, points out the research team at ANZ.

Key Quotes

“So underlying momentum in the economy is firmer than the headline numbers suggest. It’s all consistent with the US economy growing at a rate sufficient to eat into capacity and put modest upwards pressure on inflation, which is the script the Fed has been sticking to.”