The US economy shamed the bears yet again. It grew by 3.3% q/q at a seasonally adjusted and annualized rate (SAAR) which was above all estimates in consensus that were between about 1½% and 2½%. The outperformance is especially large in relation to the expectations coming into the quarter. For the sixth consecutive quarter, consensus came in expecting dire conditions and got blown away by remarkable growth (chart 1). {chart} Chart 2 shows this is not a slowing economy by any means. Trend growth has remained very hot throughout the past six quarters. {chart} The details were generally solid in terms of weighted ... (full story)