Yesterday’s first-quarter GDP report delivered a one-two punch for markets: slower-than-expected growth and hotter-than-expected inflation. In reaction, stocks fell and US Treasury yields rose. At first glance, the risk-off response looks reasonable. But a closer look at the GDP numbers still leaves room for debate.

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* High commodity prices are another factor that could delay rate cuts: World Bank
* Pending US home sales rose much more than forecast in March
* Jobless claims in US fall to lowest level in 9 weeks
* US inflation picked up in the first quarter
* US GDP growth slows more than forecast in the first quarter:

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