The US economy disappointed expectations with a less than expected growth in the fourth quarter. The economy expanded an annualized 3.2% in the three months to December following 2.6% in the third quarter, missing expectations for 3.5%.

The personal consumption though was very positive rising 4.4% in the quarter nearly double the pace of the previous quarter of 2.4% and above the expected 4.0%.

Core PCE on the quarter rose 0.4% inline with expectations and slightly below 0.5% in the previous quarter; meanwhile, the GDP Prince index was slightly lower at 0.3% below the expected 1.6% and the previous 2.1%.