The U.S. Commerce Department released gross domestic product data on Thursday. The U.S. preliminary gross domestic product increased by 0.5% in the first quarter, missing expectations for a 0.6% gain, after a 1.4% rise in the fourth quarter. It was the slowest growth since the first quarter of 2014.

The slower rise was mainly driven by a drop in business investment. Business investment plunged by 5.9% year-on-year in the first quarter, the biggest decline since the second quarter of 2009, driven by a decline in oil and gas exploration.

Consumer spending grew 1.9% in the first quarter, the slowest pace since the first quarter of 2015, after a 2.4% increase in the fourth quarter.

The personal saving rate rose to 5.2% in the first quarter from 5.0% in the fourth quarter.

Exports declined 2.6% in first quarter as a strong U.S. dollar weighed on exports, while imports increased 0.2%.

The personal consumption expenditures (PCE) price index rose 0.3% in the first quarter, exceeding expectations for a 0.2% gain, after a 0.3% increase in the fourth quarter.

The personal consumption expenditures (PCE) price index excluding food and energy increased 2.1% in the first quarter, beating forecasts of a 1.9% rise, after a 1.3% gain in the fourth quarter.

The personal consumption expenditures (PCE) price index is the Fed's preferred measure for inflation. The Fed's inflation target is 2%.