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The US economy is likely to expand by seven percent this year as it bounces back from the Covid-19 pandemic, its fastest rate since the early 1980s, a top Federal Reserve official said on Monday. 

“This is welcome progress after the toughest period for the economy in living memory and a winter when the pandemic was particularly severe, and the economy suffered as a result,” New York Fed President John Williams said in a speech.

He warned against the tendency to “overreact” to price spikes caused by the unique circumstances of the recovering economy this year, while predicting inflation would return to the central bank’s two percent target in 2022.

“While I am optimistic that the economy is now headed in the right direction, we still have a long way to go to achieve a…

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