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San Francisco Federal Reserve President John Williams on Friday said the U.S. central bank’s key policy interest rate could be as high as 2.5 percent by the end of 2016 and he expects the Fed to start raising rates next year. In an interview on CNBC, Williams also said he expects U.S. economic growth to see a “pretty good snap back” in the second quarter and through the rest of 2014 after the first quarter’s contraction, although U.S. trend growth is likely to continue to be subdued.

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