Dallas Fed President Robert Kaplan told CNBC, “sooner rather than later I think it would be wise to start talking about moderating some of these purchases that we put in place during the crisis.”

“I think maybe the efficacy of these versus the side effects, I think that balance is changing as we’re emerging from the crisis and making progress,” he said.

“Coming out of this pandemic, I think we’ve got some paradigm shifts,” he said. “There’s no textbook for this. You don’t want to be so preemptive that you choke off the recovery. On the other hand, you don’t want to be so late that you’re behind the curve.”

Fed Vice Chair Randal Quarles said in a speech that, “a significant portion of that recent boost to inflation will be transitory”, and it “will not interfere with the rapid growth driving progress toward the Fed’s maximum-employment goal.” He expected “strong recovery will keep rolling forward”. Nevertheless, “uneven global recovery” and “supply bottlenecks” are two “potential headwinds” for the economy.

Quarles added that, “if my expectations about economic growth, employment, and inflation over the coming months are borne out, however, and especially if they come in stronger than I expect, then, as noted in the minutes of the last FOMC meeting, it will become important for the FOMC to begin discussing our plans to adjust the pace of asset purchases at upcoming meetings.”

However, “the time for discussing a change in the federal funds rate remains in the future. The guidance for the federal funds rate commits to maintain the current rate until labor market conditions are consistent with our goal of maximum employment and inflation not only has reached 2 percent, but also is on track to moderately exceed 2 percent for some time.”

Full speech here.

San Francisco Fed President Mary Daly told CNBAC that “we haven’t seen substantial further progress just yet. We’re still looking for substantial further progress.”

“What we’ve seen is some really bright spots, some very encouraging news. It gives me hope, and I am bullish for the future. But it’s too early to say that the job is done,” she added.

Also, “we’re talking about talking about tapering, and that is what you want out of us. You want to be long-viewed here,” she said. “But I want to make sure that everyone knows it’s not about doing anything new. Right now, policy is in a very good place. Policy is supporting the American people.”