The U.S. Commerce Department released gross domestic product (GDP) figures on Friday. The U.S. revised GDP declined 0.7% in the first quarter, missing expectations for a 0.1% fall, down from the previous estimate of a 0.2% rise.

The decline in first quarter was driven by harsh weather and the strong U.S. dollar.

The downward revision was partly driven by an upward revision to imports.

Consumer spending rose by 1.8% in the first quarter, down from the previous estimate of a 1.9% increase.

Business investment declined 2.8% in first quarter, the biggest fall since late 2009.

Exports dropped 7.6% due to a stronger dollar, while imports climbed 5.6%.

The Personal consumer expenditures (PCE) price index declined 2% in the first quarter. The PCE price index excluding food and energy costs rose 0.8%.

The PCE price index is the Fed's preferred gauge for inflation.