Aug 4 (Reuters) - San Francisco Federal Reserve President Mary Daly on Wednesday said that mostly likely the U.S. central bank will be in position to begin to reduce its massive asset buying program later this year or early next. “I’m looking for continued progress in the labor market, continued putting COVID behind us, rising vaccination rates, the things that are so fundamental to us saying that the economy has achieved that metric of substantial further progress,” Daly said in an interview on the PBS Newshour. “Right now my modal outlook is that we will achieve that metric later this year or early next.” (Reporting by Ann Saphir Editing by Chris Reese)