U.S. Federal Reserve officials indicated on Wednesday the U.S. economy is growing moderately after a winter swoon and likely strong enough to support an interest rate increase by the end of the year.
After contracting in the first quarter, the economy is now on track to grow between 1.8 percent and 2.0 percent this year, according to the central bank's latest policy statement and new projections issued by Fed policymakers.
The Fed also said labor markets continued to improve, though unemployment is expected to be slightly higher at the end of the year than previously forecast in March.
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