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

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

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

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