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News of the U.S. economy’s accelerating pace of recovery may prove a highlight this coming week, with data likely to show output approaching its pre-pandemic level just as the Federal Reserve delivers its third policy decision of the year.

Gross domestic product probably increased at a 6.9% annualized pace from January through March after a more moderate 4.3% rate in the previous quarter. Other reports may show stronger orders for durable goods, a pickup in consumer confidence and robust personal spending.

A fresh injection of fiscal relief, rising Covid-19 vaccination rates and fewer pandemic-related restrictions are providing a larger tailwind for economic activity that is projected to strengthen further into 2022.

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