Economy Zips Ahead at a 5.6 Percent Pace

The AP reports:

The economy sprang out of a year-end rut and zipped ahead in the opening quarter of this year at a 5.6 percent pace, the fastest in 2 1/2 years and even stronger than previously thought.

The new snapshot of gross domestic product for the January-to-March period exceeded the 5.3 percent growth rate estimated a month ago, the Commerce Department reported Thursday. The upgraded reading — based on more complete information — matched economists' forecasts.

It difficult to see how interest rates will not be going higher from here.A 6% Fed Funds target rate by the end of this year isn't idle talk.