The U.S. economy expanded at a robust pace in this year’s first quarter, the Bureau of Economic Analysis reported this morning. Real GDP increased by 3.2% on an annualized basis in the first three months of 2010. That’s considerably lower than the 5.6% surge in the previous quarter. But no one expected the powerful momentum in Q4 2009 to continue. The question was (and remains): How much will the economy slow after the initial snapback from the Great Recession? With fiscal and monetary stimulus destined to fade, the economy faces a transition. For now, growth still has the upper hand. The latest numbers, albeit the first of three estimates, suggest that the expansion has a foothold. Encouraging as that is, there’s still some concern about the quarters ahead. The risk that the rebound will stall is lower these days, but not yet low enough to dismiss the idea completely.