Summary: US GDP up 0.7% (2.9% annualised) in December quarter, above expectations; consumer spending main engine of growth but momentum slows; GDP price deflator rate falls from 7.1% to 6.3%. US GDP growth slowed in the second quarter of 2019 before stabilising at about 0.5% per quarter. At the same time, US bond yields suggested future growth rates would be below trend. The US Fed agreed and it reduced its...