The Globe and Mail reports in its Wednesday edition that during his testimony to Congress on Tuesday, Federal Reserve Chairman Jerome Powell said the U.S. job market is showing signs of cooling, alongside persistently high prices. An Associated Press dispatch to The Globe reports that this represents a change in focus for the Fed, moving away from its prior emphasis on fighting inflation. The Fed may be getting closer to mulling interest rate cuts. Mr. Powell informed the Senate banking committee that the Fed has made "considerable progress" in addressing the severe inflation spike of the past two years. He also noted that while inflation has notably eased during this period, it still remains above the Fed's 2-per-cent target. Mr. Powell pointedly noted that "elevated inflation is not the only risk we face." Cutting interest rates "too late or too little could unduly weaken economic activity and employment," he said. Mr. Powell addressed the Senate panel on the first of two days of semi-annual testimony to Congress. On Wednesday, he will testify to the House financial services committee. In response to a question, Mr. Powell said, "It doesn't seem likely that the next policy move would be a rate increase."