Summary: US GDP up 7.4% in September quarter; still 3.5% below pre-pandemic levels; large degree of spare capacity; personal consumption leads rebound; higher frequency data suggestive of slowing growth in recent months; GDP deflator up, back above zero. 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...