It’s been clear for some time that US recession risk has been sliding in recent months, but this week’s updates of a widely followed GDP nowcast published by the Atlanta Fed has been revised up – a lot – for the third quarter. According to this model, the US economy isn’t just rolling along at a moderate pace — it’s surging.

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* Fed minutes minutes show officials see ‘upside risks’ to inflation
* More rate hikes possible, says former Fed Governor Randall Kroszner
* Atlanta Fed GDPNow model’s nowcast for US Q3 GDP surges to +5.8%
* Business inflation expectations fall “significantly” to 2.5% in Aug: Atlanta Fed
* China housing slump worse than official data show, according to property agents
* US industrial output rebounds sharply in July after two months of decline
* US housing construction recovers with strong gain in July
* 10-year US Treasury yield rises to 4.28%, highest in 15 years:

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