Atlanta Fed President Raphael Bostic said on Thursday, “right now, our projections suggest that by the summertime of next year, the number of jobs that we have in the economy will be pretty much where we were pre-pandemic.”

“And at that point, I think it’s appropriate for us to try to normalize our interest rate policy,” he added.

Chicago Fed President Charles Evans said he wouldn’t describe inflation as “hair on fire”. But he admitted, high inflation is “gone on longer”, and things are “not quite as clean as I was hoping for”.

Evans also tried to solidify the expectation that Fed won’t raise interesting rate before completing tapering. Also, there won’t be adjustment in the tapering pace, “state-contingent, we see a big change in the data.”

Chicago Fed President Charles Evans said in a virtual conference, “we learned back in 2013 that tapering these asset purchases was preferable for financial market functioning; that if we did a sudden stop on our purchases that wasn’t well received. It’s going to take us until the middle of next year to complete that”.

“It’s going to take us until the middle of next year to complete that; we are going to be mindful of inflation; we’re going to be looking to see how much additional accommodation is boosting inflation; if indeed that is the case, we’ll be thinking about when the right time to start raising rates will be,” he added.

San Francisco Fed Bank President Mary Daly urged patience in assess the economic development before acting on interest rates. “Reacting in response to things that aren’t likely to last will move us farther from — not closer to — our goals,” she said.

“Over the next several quarters, as tapering occurs, we will watch how the economy does and see whether inflation eases and workers come back.”

“As we get a clearer signal, we will be ready to act accordingly, continuing to provide or remove support as needed to ensure the economy settles at a sustainable place.”