Overview:  GDP grew at an annual pace of 1.8% in the 1^st quarter of 2011.  The Fed held constant its target 0.0%-0.25% rate for the federal funds rate.  New home sales rose 11.1% in March as pending home sales increased 5.1%.  The Case-Schiller home price index edged down 0.2% in February.  Personal spending rose 0.6% in March as personal income was up 0.5%. Durable orders increased 2.5% in March.  Initial jobless claims rose 25,000 to a level of 429,000 for the week ended 4/23.

• GDP grew at an annual pace of 1.8% in the 1^st quarter of 2011, according to the advance estimate.  The blue chip consensus estimate had anticipated growth of 2.6%. 
• The Fed held constant its target for the federal funds rate at 0.0% to 0.25%.  The Fed did not change its policy of continuing the $600 billion QE2 treasury purchase program and continued to state that it plans to maintain exceptionally low interest rates for an “extended period.” 
• New home sales rose 11.1% in March to an annual pace of 300,000 units.
• Pending home sales rose 5.1% in March.
• The Case-Schiller home price index edged down 0.2% in February and was down 3.3% from a year ago.
• Personal spending increased 0.6% in March as personal income rose 0.5%.
• Durable orders increased 2.5% in March; excluding transportation, orders were up 1.3%.
• Initial jobless claims rose 25,000 to 429,000 for the week ended April 23^rd.