"I myself believe that the 'substantial further progress' standard has more than been met with regard to our price-stability mandate and has all but been met with regard to our employment mandate," Fed Vice Chair Richard Clarida said on Tuesday, per Reuters.

Additional takeaways

"If recovery remains on track, gradual tapering of asset purchases concluding middle of next year may soon be warranted."

"Decision on pace of asset purchases won't be intended to carry signal about the timing of the interest-rate hike."

"US GDP growth this year could be the fastest since 1983."

"Labor market progress has been notable."

"Course of the labour market, economy, continues to depend on the virus."

"Inflation running 'well above' moderate overshoot of 2% goal."

"Underlying inflation close to 2% goal; this year's unwelcome surge will be largely transitory."

"Risks to inflation are to the upside."

"If inflation expectations moved up to run persistently high, the Fed would react; that is not the case at present."

Market reaction

The US Dollar Index showed no immediate reaction to these comments and was last seen rising 0.08% on the day at 94.43.