Key highlights:

• Expectations for Q4 GDP growth revised up on the back of very strong October data.
• The unemployment rate and other labour market indicators point to an increasingly tight labour market, while inflation remains elevated.
• A broadening out of inflation pressures has contributed to a hawkish turn by the Fed; we now expect the Fed to announce a faster taper at its December meeting and to start lifting the fed funds rate from Q2 2022.

Find out more in NAB’s US Economic update (December 2021)