The US economy grew at its fastest rate in nearly two years in the third quarter of 2013 after revisions boosted the annualised rate of expansion from 3.6 to 4.1 per cent , days after the Federal Reserve said it would start scaling back its $85bn-a-month monetary stimulus. Critically, almost all of the upward revision was due to stronger consumption, which grew at an annualised rate of 2 per cent rather than 1.4 per cent. This suggests greater underlying momentum in the economy. US stocks reacted strongly to put the S&P 500 on pace for its biggest weekly gain in two months, while the dollar was stronger and Treasury yields hovered just below two-year peaks. The S&P was up 0.5 per cent to close at 1,818.31 in New York. The revision in growth adds to a series of recent data that suggests the US economy is accelerating and validates […]