Fed's Daly says we are in 'transition,' no taper talk yet

(Reuters) - San Francisco Federal Reserve Bank President Mary Daly on Monday said she remains encouraged about the economic trajectory despite a report Friday showing fewer-than-expected job gains last month, adding the economy is a state of "transition" and still needs plenty of monetary policy support.

"We are a long way from normalization," Daly told Yahoo Finance. Asked if the Fed should start thinking about reducing its $120 billion a month in bond purchases, she said, "not yet."

(Reporting by Ann Saphir, Editing by Franklin Paul)

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