The economy is slowing down, but the outlook is not as bleak as the GDP headline figure suggests. Instead, the report tells a nuanced story of where things stand. Why it matters: The first quarter's 1.6% annualized growth rate confirms that the economy is not reaccelerating to start 2024. • Meanwhile, there are warning signs that inflation rebounded, which makes the prospect of interest rate cuts look all the more distant. The big picture: The GDP is an imperfect measure, with calculation quirks that can pull down (or boost) the figure in ways that don't reflect substantial shifts in the economy. • That is the case ... (full story)