Federal Reserve Chairman Ben Bernanke on Wednesday said there is no firm timeline for ending the central bank’s monetary stimulus program.

Bernanke said that the Fed “will gradually reduce the flow of purchases” based on economic data, with a keen eye on improvements in the labor market, as officials determine when to wind down the purchases of mortgage-backed assets.

“We are looking at whether or not we have seen real and sustainable progress in the labor market outlook,” Bernanke told the Joint Economic Committee on Wednesday.

“I hope to provide more information going forward, and that we can exit over time in a way that is consistent with our policy objectives,” he said.

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