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Fed is moving toward normalizing policy- Williams

DALLAS, May 19 (Reuters) - The Federal Reserve is moving toward normalizing U.S. monetary policy, and is on track to raise rates probably some time in the next year, a top Fed official said on Monday.

"We're actually basically moving toward normalization: this is not a permanent shift in monetary policy," San Francisco Fed President John Williams said at a monetary policy conference at the George W. Bush Presidential Center.

The Fed will have wound down its massive bond-buying program later this year, he said.

"We're thinking seriously about, the time is coming, probably over the next year or so, when we are going to start raising interest rates."

(Reporting by Ann Saphir; Editing by Chizu Nomiyama)