The US economy experienced a slowdown in growth during the first quarter of 2024, falling short of economists’ expectations. The Gross Domestic Product (GDP) grew by just 1.6% in the first quarter, which was lower than the 3.4% growth seen in the final quarter of 2023.
The core Personal Consumption Expenditure (PCE) price index beat expectations, but real consumer spending growth fell below forecasted levels, indicating a potential slowdown in economic activity. This was reflected in market reactions, with traders expecting fewer or delayed Fed rate cuts due to higher-than-expected inflation figures. As a result, the dollar index rose slightly and Treasury yields increased across the curve. Gold prices also saw a small increase in response to the news.
Premarket trading on Thursday showed futures on major U.S. indices in the red, with Meta Platforms Inc.’s weak revenue guidance for the second quarter overshadowing its better-than-expected first quarter results. Experts warn about increasing federal debt and rising treasury yields, which could impact mortgage rates and overall economic stability as the economy continues to navigate through various challenges. It will be important to monitor key indicators and market reactions for potential implications on future growth.
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