NEW YORK (Reuters) – While U.S. economic growth slowed in July, the rebound could pickup in the third quarter and the economy could reach pre-pandemic levels by the end of next year, Federal Reserve Vice Chairman Richard Clarida said Wednesday.

“My baseline view is that we could get back to the level of activity perhaps towards the end of 2021,” Clarida said in an interview with CNBC. “But again, there are a lot of moving parts here with the virus and the global outlook, so I think there’s a pretty good range of uncertainty.”

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