Advance real GDP in 2024Q1 was 1.59%, lower than the market consensus of 2.5%. The market seems to have overlooked the economic slowdown. CQM forecasts of real GDP in 2024Q1 were 0.63% on the expenditure side and 1.28% on the income side. The main reason for the underestimation of real GDP on the expenditure side by CQM is explained by the overestimation of imports by CQM. The economy in 2024Q1 has proved that the economy is slowing down and inflation is rising. It will be difficult for the Fed to change policy interest rates for a while. Since economic growth was 1.59% in 2024Q1, the S&P500 could fall to 4,600 in 2024Q2 as a price correction.