The U.S. economy grew at a stronger pace in the first quarter than previously estimated, with gross domestic product (GDP) increasing at a 2% annualized rate. This is higher than the previous estimate of 1.3% and beat the Dow Jones consensus forecast of 1.4%. Consumer spending and exports were stronger than expected, contributing to the upward revision. Core PCE prices, which exclude food and energy, rose 4.9%, indicating some good news on the inflation front. The Federal Reserve is closely watching these numbers as it aims to bring inflation down to 2%.

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