In the first quarter of 2024, the US real GDP will grow by 1.6% year-on-year.

Caixin: On April 25, the first estimate data released by the Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce showed that the U.S. real gross domestic product (GDP) in the first quarter of 2024 increased by 1.6% year-on-year, significantly lower than Bloomberg's consensus forecast of 2.5% and 3.4% in the fourth quarter of 2023. The U.S. economy slowed down significantly in the first quarter, contrary to the judgment that the U.S. economy even showed signs of overheating as shown by many previous economic data. While economic growth slowed, inflation stubbornly stood out. The PCE price index grew by 3.4% in the first quarter, far exceeding the 1.8% in the fourth quarter of 2023. The sharp rise in inflation may continue to reduce the probability of the Fed cutting interest rates.