The U.S. Economy grew by 1.1% in the first Quarter of this year, slowing from the 2.6% growth rate seen in the fourth quarter. This slowdown was due to a decline in private inventory investment and a deceleration in nonresidential fixed investment. Inflation remains well above the Fed's 2% goal, and policymakers all say inflation is still too high and will require elevated interest rates. At the same time, the slowdown in growth is likely to tilt the economy into recession later this year.

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