what does substantial progress actually look like federal vice chair richard clarida joins us now for an exclusive interview. welcome back good to have you. >> hi sara how are you? >> i'm doing i think the big question out of the fed meeting this week that hopefully you can clarify is, what does substantial progress look like on your goals that he you would consider parring back the asset purchases. >> the chair saidet very well. substantial progress means we want to make substantial progress toward reducing unemployment and moving inflation back close the our 2% goal the coronavirus dug a deep hole for the economy. the recovery so far has been robust there is a way to go and so substantial progress obviously will come into view as we get closer. but that's a ways away right now the focus is on providing the support the economy needs to get us through this tough stretch >> i guess it does feel a little mig, mr. vice chair. why not set specific markers so that it is actual guidance >> sara, we set specific markers for interest rates in our september meeting. we think that it's appropri

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nike reports after the close and a programming note, federal reserve vice chairman rich clarida will be on "closing bell" at 3:00 p.m. eastern two developing stories this morning, use ylan mui has the ls out of washington, but we begin with meg tirrell who has ready-made stories almost every day. we knew the advisory panel was meeting yesterday. i guess because there was no 16, 17-year-old issues, they got almost unanimous except for an abstention >> yes, that one person who abstained essentially thought that instead of emergency use authorization, the vaccine should be given expanded access, which really is just more limited way of making it available in his opinion to more high risk groups but really endorsement across the board from this anel no debates about the efficacy. and comments from the chair of this committee that this vote shouldn't be compared with pfizer's in any way because of course pfizer's vote included the 16 and 17-year-olds. and that was really the issue. so the fda putting out a statement last night saying that it has informed moderna that it will rapidly work