I thought I would be late.
vs.
I thought I was late.
What’s the difference in meaning between them?
"would be late" is in the future, relative to the time of "thought" ("would be" is "future in the past", the past tense of "will be"). "was late" is at the same time as "thought".
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"would be late" is in the future, relative to the time of "thought" ("would be" is "future in the past", the past tense of "will be").
"was late" is at the same time as "thought".