(Reuters) - San Francisco Federal Reserve Bank President Mary Daly on Tuesday said the U.S. economy is a “long way” from the Fed’s goals of full employment and 2% inflation, and it is not time yet to start talking about reducing support for the recovery. Asked when the Fed should start tapering its $120 billion a month bond-buying program, Daly told the Economic Club of Minnesota that the right time is “when we are much closer to achieving our dual mandate goals than we are now... We have an optimistic outlook, a long way to go, and we are not out of the woods yet... we have only had a couple of months of really good data.” Reporting by Ann Saphir Our Standards: The Thomson Reuters Trust Principles.