Key highlights:

• We have downgraded our forecast for 2021 and 2022 GDP growth as Q3 GDP is not looking as strong as had been expected.
• Supply disruptions – both in product and labour markets – remain major issues.
• We expect the Fed will start tapering its monthly asset purchase program in November, with it to come to an end by mid-2022. We still don’t see any rate hikes until Q2-2023.

Find out more in NAB’s US Economic Update – October 2021