UNEXPECTEDLY! Economic Growth Slows As Inflation Measure Spikes Up. “U.S. economic growth slowed more than expected in the first quarter as higher food and gasoline prices dampened consumer spending, and sent a broad measure of inflation rising at its fastest pace in 2-1/2 years. . . . The Federal Reserve on Wednesday acknowledged the slowdown in first-quarter growth, describing the recovery as proceeding at a ‘moderate pace’—a slight step back from a statement in March when it said the economy was on a ‘firmer footing.'”