The U.S. Commerce Department released gross domestic product data on Friday. The U.S. preliminary gross domestic product increased by 0.7% in the fourth quarter, missing expectations for a 0.8% gain, after a 2.0% rise in the third quarter.

The slower rise was mainly driven by a slower rise in consumer spending.

Consumer spending grew 2.2% in the fourth quarter, after a 3.0% increase in the third quarter.

Exports declined 2.5% in fourth quarter as a strong U.S. dollar weighed on exports, while imports increased 1.1%.

In 2015 as whole, the U.S. economy expanded 2.4%, after a 2.4% growth in 2014.

The personal consumption expenditures (PCE) price index rose 0.1% in the fourth quarter, missing expectations for a 0.7% gain, after a 1.3% increase in the third quarter.

The personal consumption expenditures (PCE) price index excluding food and energy increased 1.2% in the fourth quarter, in line with forecasts, after a 1.4% gain in the third quarter.

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