Federal Reserve Bank of San Francisco President John Williamsplayed down a “low” reading on second-quarter U.S. growth and saidthe economy could still warrant as many as two interest rateincreases this year—or none.

“There's definitely a data stream that could come through in thenext couple of months that I think would be supportive of two rateincreases,” Williams told reporters Friday after speaking inCambridge, Massachusetts. “There's data that we could get thatwouldn't be supportive of that—it could be one, maybe, or none.Time will tell.”

The U.S. Commerce Department reported earlier Friday thatthe economy expanded at a 1.2 percent annualized pace, less thanhalf the advance projected by economists in a Bloomberg survey.

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