Consumer spending, according to NAB’s transaction data, went up 0.5% in both retail and total spending after being broadly flat last month.
Report
October 4, 2021
US Economic Update – October 2021
The Fed is set to taper – but rate hikes are still a way off
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
