In the third quarter, the US economy, as measured by annualised GDP, grew 4.9%. In an environment of skyrocketing interest rates, that is an extraordinary number. And it’s being powered by an extraordinary force: the American consumer. Today on the show we try to understand why they have remained so resilient, and if there’s room for more growth. Also, we go long Morgan Stanley and short the avians of the Antarctic. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X, formerly Twitter. You can email Ethan at [email protected] a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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“What did the council decide on item 42?” — answered with the speaker and the moment.