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The economy is on track to later this year satisfy the Federal Reserve’s threshold to begin reducing its $120 billion in monthly asset purchases, a top central bank official said Tuesday.

Chicago Fed President Charles Evans said he expected recent employment gains to continue, which would allow the Fed to declare that the economy has achieved the “substantial further progress” it laid out last December.

“I’d like to see a few more employment reports” before making that determination, Mr. Evans told reporters during an online news conference. “We’re coming upon a time where it’s definitely going to be appropriate to start” reducing the pace of asset purchases.

“There’s a sense in which you want to be careful that you don’t start prematurely [and] you don’t start too late,” said Mr. Evans, who is a voting member of the rate-setting Federal Open Market Committee this year.

Mr. Evans said he expects the unemployment rate to fall to 4.5% by...

While COVID-19 Delta variant cases rise and cities like Washington and Los Angeles return to mask mandates, many Americans remain persistently divided about the best tool we have to leave such measures behind: vaccines. The unifying example the Founders set almost 250 years ago, when a deadlier disease required riskier measures, should serve as a model for today. By inoculating themselves then, they may have saved the Republic.

General George Washington was fighting two foes when the Continental Army encamped at Valley Forge: the British and smallpox. Washington had seen the disease devastate American troops during the Quebec Campaign, and he knew that the Revolution would be dead in its cradle if his own troops fell ill. So America’s future first president got his command inoculated in our first such large-scale, government-led campaign. Washington’s actions saved his army to fight another day.

It would be understandable and conventional to assume that the ultra-dovish monetary policy that the Federal Reserve continues to pursue a year and a half after the onset of the pandemic is contributing to a strong, sustainable and inclusive recovery. This may no longer be the case. Instead, it is increasingly putting at risk not just the recovery but also President Biden’s transformational economic agenda.

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more