Federal Reserve officials are expected to start the pending talks about when and how to exit from the crisis-era policies the US central bank put in place at the starting of the coronavirus pandemic last year. With US inflation rising faster than expected and the economy going to grow quickest this year, some policymakers have to question whether the Fed should continue to keep its benchmark short-term interest rate near 0 and leave a massive bond-buying program put in place to stem the economic fallout from the pandemic.

Balanced against the improving economic ground the US is still 7.5 million jobs less in comparison to early 2020, and the reopening of schools, concert venues, and a host of other public areas is a work in progress. Daily coronavirus infections and deaths have dropped, but only about half of those over the age of 12 have been fully vaccinated.

Any actual change in monetary policy is likely months down the road as the Fed balances a variety of risks. The central bank’s latest policy statement, due to be released with fresh economic projections at 2 p.m., is expected to err on the side of continuing the Fed’s support for the economy until more workers are back on the job. Fed Chair Jerome Powell is scheduled to hold a news conference to elaborate on the two-day meeting.