Here is a chart of the Federal Funds Rate (the o/n rate the Fed charges large banks to borrow money from them at) and as you can see, the Fed hiked the rate on March 15th (which is obviously in the 1st Quarter of 2017):
And here is what the Federal Reserve Bank of Atlanta estimates the 1Q17 US GDP will be in their Atlanta Fed GDPNow Forecast:
As you can see, even the overly optimistic ivory towered economists starting dropping their estimates by late Feb (blue wave moving lower). So this week, after weak Vehicle Sales, ISM Manufacturing and today's Unemployment, the Atlanta Fed cut their estimate on 1Q17 GDP by 50% from 1.2% to 0.6%.
I would conclude by saying that clearly Janet Yellen and other voting members of the Fed's FOMC (the committee that decides on the path of short term interest rates) don't value the Atlanta Fed or at least their economist Paul Higgins who invented this thing. Let's see who is right...Paul Higgins or Janet Yellen.