When the U.S. economy entered a freefall at the beginning of the COVID-19 pandemic, the nation's central bank stepped in to soften the blow.The Federal Reserve slashed interest rates to zero percent, and since March 2020, has been buying $120 billion a month of U.S. government bonds in a bid to calm markets.Seventeen months into the pandemic, the bond-buying could soon be coming to an end."It is time to take our foot off the accelerator," said Kansas City Federal Reserve Bank President Esther George.George joins a growing number of central bank leaders who favor winding down the bond-buying program as the economy continues to recover, according to public comments and minutes from the last Federal Reserve meeting."Once we settle into removing that and see how the economy responds, then we can talk about when is it time to look at that interest rate movement," George said.Federal Reserve leaders are seeing monthly gains in new jobs (more than 940,000 last month), a falling unemployment rate (now sitting at 5.4%) and high consumer confidence as positive signs.But inflation continues to run higher than the central bank's 2% target, with many wondering whether it's temporary or more permanent."I think that's a real question," George said. "And right now it's gone on long enough that it's gotten people's attention, and we haven't had to think about inflation for a long time."The interest rate is one of the key tools the Fed uses to stabilize inflation. George will join the Federal Reserve's Federal Open Market Committee next year, wielding voting power over setting the rate.Wages for U.S. workers are also charging higher, up 4.5% in July, according to data from the Labor Department. That has some wondering whether companies are passing the higher cost for workers onto customers and contributing to higher inflation. "I think right now, I wouldn't be worried about higher wages contributing to inflation, although any given business feeling that pressure will note that," George said, adding that higher wages are generally good for workers and the nation's standard of living.Prices were 5.4% higher in July when compared to the same month last year, though the rise was considerably less when factoring out volatile goods like food and energy.Still, George looks at those numbers and doesn't discount their effect on pocketbooks."When you think about where people often feel that first pinch of higher prices, it's in food and energy," she said.The Federal Reserve bank has dual mandates, stable prices and maximum employment. And the number one issue George is hearing from businesses the Kansas City Fed's seven-state region is that they can't find workers."That tells you right now, we have a tight labor market," George said.But does it mean the Fed's achieved "maximum employment?""That will take a little more time," she said, noting the unemployment rate is still almost 2% higher in July compared to the same month before the pandemic.