U.S. economic growth slowed in the first part of the year, falling short of economists’ expectations. Gross domestic product expanded at a 1.6% seasonally- and inflation-adjusted annual rate in the first quarter,

Key Takeaways The U.S. GDP grew at an annual rate of 1.6% in the fourth quarter, undershooting the median forecast for 2.2% growth.High interest rates, meant to fight inflation, are dragging down economic growth.