Key highlights:

• The US economy continues to grow – employment is expanding rapidly, capex expectations are high and households are in a strong position to weather (temporary) storms.
• However, the economy will be tested by the Russian/Ukraine conflict and a more rapid than previously expected tightening of Fed monetary policy.
• We expect a further 150bps of Fed rates hikes over 2022 as well as the start of QT in Q2 2022.

Find out more in NAB’s US Economic update (March 2022)