The Wall Street Journal reported that William Dudley, president of the Federal Reserve Bank of New York, promoted a plan for the central bank to scale back the pace of its bond-buying program as the jobs market improves, though he stressed that a decision on how to proceed is far from imminent.

The article noted that Dudley said in a speech that the Fed “should calibrate” how much U.S. debt and mortgage-backed securities it buys each month “by allowing the flow rate of purchases to respond to material changes in the labor market outlook.”

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