(RTTNews) - A report released by the Commerce Department on Friday showed personal income in the U.S. increased by less than expected in the month of December. "Add in a slower pace of inventory accumulation, and we currently have first-quarter GDP growth tracking at -0.5% annualized," he added. "To our minds, despite the strength of price and wage inflation, it is disappointingly weak real economic growth that will prevent the Fed from delivering a full-blown Ratemaggedon this year."