US Q4 GDP growth finalized at 0.5%, below estimates

The U.S. Department of Commerce announced that Gross Domestic Product (GDP) grew at an annualized rate of 0.5% in the fourth quarter of last year, missing market expectations of 0.7%. This was the final of three estimates for the quarter's GDP growth. Additionally, the core Personal Consumption Expenditures (PCE) price index for February rose 0.4% from the previous month, in line with expert forecasts. The year-over-year figure also met expectations, rising 3.0%. The core PCE index, which excludes volatile food and energy prices, is considered the Federal Reserve's preferred measure of inflation.