While the Fed hailed activity growth as “strong” at its policy meeting this week, we doubt GDP growth will maintain a 4% plus annualised pace in the third quarter. It’s early days, but data released...

As was widely expected, the Fed left interest rates on hold today but, by upgrading its assessment of economic growth to “strong” in the accompanying policy statement, it hinted that it will keep...

The upward revisions to the personal saving rate suggest that the consumption outlook could be brighter than we previously believed, but we would urge caution since those revisions are hard to square...

Growth in the broad monetary aggregates and bank lending has continued to accelerate in recent months even as the monetary base contracted, suggesting that the Fed’s balance sheet run-down is having...