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https://www.wsj.com/economy/central-banking/us-gdp-economy-first-quarter-2024-1675df05

Mix of Slowing Growth, Firm Inflation Worries Investors

Markets fall as another high inflation reading makes it difficult for the Fed to cut interest rates in the near term

By

David Uberti

Updated ET

Watch: Powell Says Fed Needs More Confidence For Rate Cuts
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Federal Reserve Chair Jerome Powell signaled that first-quarter inflation data has raised uncertainty over when and if lower interest rates would come later this year. Photo: Samuel Corum/Bloomberg News

The latest snapshot of the U.S. economy rattled stock and bond markets with two bits of potentially disappointing data: slower economic growth and still-firm inflation.

Gross domestic product expanded at a 1.6% seasonally- and inflation-adjusted annual rate in the first quarter, the Commerce Department said Thursday, a pullback from last year’s quick pace. That lagged behind the 2.4% projected by economists polled by The Wall Street Journal.

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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.