Hotter-than-expected first-quarter growth is likely to revive the debate within the Federal Reserve about the direction of policy, but Fed officials are likely to be content to stay on the sidelines for now, particularly with inflation so low.

The economy grew at a surprising rate of 3.2% in the first quarter, well above the consensus forecast of 2.5%. Also reported Friday was the latest PCE inflation data for the first quarter, showing core inflation at 1.7% year over year, down from 1.9% in the fourth quarter. Personal consumption expenditures (PCE) data for February and March are released Monday and should also show a weaker inflation trend.

The Fed meets for two days next week, followed by an afternoon briefing Wednesday by Fed Chairman Jerome Powell. The central bank is not expected to take any action on interest rates, but it is projected to upgrade its view of the economy and Powell may comment on inflation when he briefs the press. The Fed last raised interest rates in December.

"It's going to be tough for them to start their engine. It's partly economics. It's partly low inflation. The puzzle is why strong growth doesn't lead to more inflation.That's part of it. The other part of it is the political winds are very unfavorable to rate hikes right now," said Chris Rupkey, chief financial economist at MUFG.

President Donald Trump, who has been critical of the Fed and wants it to cut interest rates, commented on the stronger GDP growth in a tweet Friday morning. He also made a point of saying that inflation was very low.

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At its March meeting, the Fed eliminated interest rate hikes from its outlook for this year, and while it is on hold, some in the markets expect the central bank's next move to be a rate cut.

"The Fed can rest easy here...the second key data in the report today is the PCE deflator is down and moving lower. Core inflation pressures, despite 3% growth, are going nowhere. Data that's going to come out Monday is going to show inflation stuck in a rut, and there's no need for the Fed to re-engage," said Rupkey. The Fed has targeted 2% inflation, but some central bank watchers say it may discuss next week keeping 2% as an average target, allowing inflation to run both above and below it.