The U.S. Commerce Department released gross domestic product data on Wednesday. The U.S. preliminary gross domestic product increased at an annual rate of 0.2% in the first quarter, missing expectations for a 1.3% gain, after a 2.2% rise in the fourth quarter.

Consumers spending slowed in the first quarter due to cold weather. Energy companies cut spending due to lower low prices.

A strong U.S. dollar also weighed on GDP.

Consumer spending grew 1.9% in the first quarter, after a 4.4% increase in the fourth quarter. The harsh weather weighed on the consumer spending.

The personal consumption expenditures (PCE) price index dropped at an annual rate of 2.0% in the first quarter. That was the weakest reading since the first quarter of 2009.

The personal consumption expenditures (PCE) price index excluding food and energy increased 0.9%.

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