The U.S. Commerce Department released gross domestic product data on Friday. The U.S. preliminary gross domestic product increased at an annual rate of 2.6% in the fourth quarter, missing expectations for a 3.3% gain, after a 5.0% rise in the third quarter.

Consumers spending strengthened in the fourth quarter, but businesses investment, trade and government spending weakened.

Business investment rose 1.9% in the fourth quarter, exports were up 2.8%, while government spending decreased 2.2%.

Consumer spending grew 4.3% in the fourth quarter, the fastest since early 2006. Consumer spending benefited from a job growth and falling oil prices.

For 2014 as a whole, GDP expanded 2.4% compared to 2.2% in 2013.

The personal consumption expenditures (PCE) price index declined at an annual rate of 0.5% in the fourth quarter. That was the weakest reading since the first quarter of 2009.

The personal consumption expenditures (PCE) price index excluding food and energy increased 1.1%.

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