The U.S Commerce Department released the latest GDP estimate for the fourth quarter, showing the economy expanded at a 2.8 percent annual pace in the last quarter and missing average estimates, after growing at a 1.8 percent annualized pace. Economists projected the economy would expand 3.0 percent in the last quarter.

Fourth-quarter personal consumption increased 2.0 percent, Commerce Deprtment reported in Washington today, from 1.7 percent gained previously in the quarter and also missing analysts' median estimates of 2.4 percent, while Core PCE, the Fed's favortie gauge of inflation, rose 1.1 percent from 2.1 percent in the fourth quarter, up from median estimates of 0.9 percent.