 The American economy expanded at a 1.4% annual pace January to March, the slowest quarterly growth since spring of 2022. Assigned high interest rates may be taking a toll. The Fed Reserve raised its benchmark rate 11 times in 2022 and 2023 to a record 23-year high to try to tame the worst bout of inflation in 40 years. San Francisco Fed President Mary Daly told CNBC the Fed's monetary policy is working as it should.