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Federal Reserve Governor Lael Brainard Friday said she will be more confident in assessing the rate of progress in the economy once data is in hand for September, adding that the labor market has some distance to go.

"The determination of when to begin to slow asset purchases will depend importantly on the accumulation of evidence that substantial further progress on employment has been achieved," she said. "As of today, employment has some distance to go," Brainard said, citing a 9.1 million jobs hole relative to the pre-pandemic trend.

"Importantly, I expect to be more confident in assessing the rate of progress once we have data in hand for September, when consumption, school, and work patterns should be settling into a post pandemic normal," she said in prepared remarks for a speech to the Aspen Institute. Brainard's comments come as St. Louis Fed President James Bullard told reporters earlier Friday he would like to start pulling back on central bank purchases in the fall and wind up the process by the end of March.