Economic data have been almost unanimously better than expected in Canada and the United States over the last few weeks. The resilience narrative continues to play out, as households on both sides of the border continue to spend at a higher pace than expected. The impact of elevated policy rates remains less negative than feared. As a result, 2023 ended on a much stronger footing than expected. Combined with early indications of the strength persisting in 2024, we are revising our forecasts up sharply for the year. In the US, we now expect growth will be 2.3% in 2024, a full percentage point above our previous view. ... (full story)