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Vice chairman of the Federal Reserve: the US economy may grow by 7% this year
Richard Clarida, vice chairman of the US Federal Reserve, said on Monday that the US economy could grow by 7% this year as labor and other supply bottlenecks are resolved and recovery accelerates. “The economy looks likely to grow faster this year… We’re likely to grow more than 6 per cent, maybe 7 per cent,” Clarida said He said the US economy is in a “very turbulent period” and there is still a big gap in the labor market. The current labor and supply bottlenecks are likely to pass, and there is evidence that “it may take more time to restart a $20 trillion economy than to shut it down.” Clarida said the upward pressure on inflation may be temporary and attention must be paid to the next economic data. If the data is in danger of pushing up inflation expectations, the Fed will adopt it