The US economy grew at a slower pace than initially estimated in the first quarter, while inflationary pressures remained elevated in April, reinforcing concerns that the Federal Reserve may have to keep interest rates higher for longer, Reuters reported.
According to revised data released by the Commerce Department’s Bureau of Economic Analysis on Thursday, first-quarter gross domestic product expanded at an annualized pace of 1.6%, lower than the previously reported 2.0% growth rate. Economists surveyed by Reuters had expected the estimate to remain unchanged.
