We won't know how the first quarter officially ended for another nine days but the Chicago Fed just gave us a hint that it will be below trend growth. According to the Chicago Fed National Activity Index, the three-month period ending in March just posted the slowest growth since October 2012. Also, economic growth looks like it slowed from February to March as March posted the lowest level in over a year. The 3-month moving average of the CFNAI pretty much spent all of 2014 indicating above-trend growth. It seems that 2015 has gotten off to a slower start. The employment component also dipped below trend for the first time in nearly two years. Lastly, financial conditions significantly tightened according to the adjusted index. Financial conditions are tighter now than they have been at any point since 2009.