Bloomberg reported that Federal Reserve Bank of San Francisco president John Williams said the U.S. will likely raise interest rates later this year as the world’s biggest economy recovers from a weak first quarter.

Bloomberg noted that Williams’s comments echo those of Fed chair Janet Yellen, who said last week she still expects to raise borrowing costs this year if the economy meets her forecasts, with a gradual pace of tightening to follow.

Bloomberg said the after a slow start to the year, recent data show the economy is improving, with advances in orders for capital equipment, the housing market gaining traction and consumer feeling a little more confident.

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