The U.S. economy slowed sharply from January through March, decelerating to just a 1.1 percent annual pace as higher interest rates hammered the housing market and businesses reduced inventories. Retired Ripon College economist Paul Schoofs says it’s good news as the Federal Reserve seeks to cool economic growth enough to curb inflation without causing a recession. The Commerce Department estimate showed the nation’s gross domestic product, the broadest guage of economic output weakened after growing 3.2 percent from July through September and 2.6 percent from October through November. The Federal Reserve has made nine interest rate hikes over the past year in an aggressive drive to tame inflation.
