Key highlights:

• Q3 GDP revision sees our 2023 forecast revised up to 2.5% (from 2.4%). However, early Q4 data are consistent with our view that growth will slow in the quarter and our forecasts for GDP growth in 2024 (1.4%) and 2025 (1.2%) are unchanged.
• The Fed is set to stay on hold at its meeting next week. With growth set to slow, inflation and labour market pressures easing, the most likely next move by the Fed will be a cut in rates (which we expect to be in mid-2024).

Find out more in NAB’s US Economic Update (7 December 2023)