U.S. economic growth expanded by 4.3% QoQ in the first estimate of Q3 2025, exceeding the consensus of 3.3% and increasing from 3.8% QoQ in Q2 2025, as reported by the U.S. Bureau of Economic Analysis (Figure 1). This aligns with the general inflation indicator, Personal Consumption Expenditure (PCE), which rose significantly by 70bps to 2.80% QoQ in Q3 2025 from 2.1% QoQ in Q2 2025.