(Reuters) – As it considers scaling back asset purchases, the Federal Reserve must consider the overall economic improvements since it launched the stimulus and not give undue weight to the most recent economic data, a top Fed official said on Friday.

Highlighting the upcoming September policy meeting as a possible time when the U.S. central bank will need to consider reducing the quantitative easing program, Fed Governor Jeremy Stein ticked off several examples of improvement in the labor market since it was launched in September of last year.  Read more