After having expanded 4.2% annualised in 2Q18 and surveys, such as the Atlanta Fed NowGDP model suggesting the US economy performed just as well in 3Q18, financial markets are looking for signs that US economic activity will slow to a more “normal” rate in Q4. However, there seems little reason to expect that right now, especially from the domestic side of the equation. Today’s University of Michigan consumer confidence index has held up well, dropping very modestly from 100.1 to 99.0. We suspect confidence will remain supported by the strong jobs market, gradual increases in wages and the ongoing support from the ... (full story)