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Here's your midday brief for Thursday, April 30th.

I'm Pierre Bienname for the Wall Street Journal.

The U.S. economy grew at a 2% rate in the first quarter, supported by businesses' big investments in artificial intelligence.

It was a rebound from the fourth quarter when the government shutdown dented growth.

At the same time,

the economy from January to March didn't expand as fast as economists expected. Consumer spending

growth is the main engine of the economy, and it softened to a 1.6% growth rate. And in other data

from the Commerce Department, the personal consumption expenditures price Index climbed by 0.7% in March.

That's largely because the war in Iran is driving up energy prices. This index is the Federal Reserve's

preferred measure of inflation. It's run above the central bank's target for years, and Fed

policymakers are now skeptical of resuming interest rate cuts. Eli Lilly is reporting that sales of its weight loss shots fueled massive revenue and profit

growth in the first quarter. Lily is the company behind Mount Jaro and Zepbound. Sales overall

rose 56% to $19.8 billion, an unusually high rate of growth for a big established pharmaceutical

company, and profit

more than doubled to $7.4 billion. The results blew past Wall Street expectations, and Lily

raised its forecast for the year. Heads up, an artificial intelligence tool helped us make this episode

by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor.

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