GDP increased at a 1.6% rate in the first quarter, less than expected
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The U.S. economy grew at a slower pace than expected in the first quarter of 2024, with gross domestic product (GDP) increasing at a 1.6% annualized rate, lower than the anticipated 2.4%. Consumer spending rose by 2.5%, down from a 3.3% gain in the previous quarter. The personal consumption expenditures price index, a key inflation measure, increased by 3.4% for the quarter, its largest gain in a year. The price index for GDP rose at a 3.1% rate. The news led to a slump in markets, with Dow Jones futures falling over 400 points. Treasury yields also rose. Investors are now expecting the Federal Reserve to cut interest rates, with futures pricing indicating one rate cut in 2024.

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https://www.cnbc.com/2024/04/25/gdp-q1-2024-increased-at-a-1point6percent-rate.html