The Globe and Mail reports in its Saturday, Dec. 2, edition that Federal Reserve Board chairman Jerome Powell said Friday inflation is slowing steadily, but it is too early to declare victory or to discuss when interest rates may get cut. An Associated Press dispatch to The Globe reports that Mr. Powell said that consumer prices, excluding volatile food and energy costs, rose at just a 2.5-per-cent annual rate in the past six months. That is not far above the Fed's 2-per-cent inflation target. Still, more progress is needed, Mr. Powell said. He added, "It would be premature to conclude with confidence" that the Fed has raised its benchmark interest rate high enough to fully defeat inflation. Nor is it time to "speculate on when policy might ease," Mr. Powell said, referring to the possibility of cuts in the Fed's benchmark interest rate, which affects many consumer and business loans. Instead, he said, the Fed's interest-rate-setting committee "is moving forward carefully" -- phrasing that analysts consider a signal that the central bank does not plan any changes to interest rates any time soon. AP says many Wall Street investors have recently stepped up their bets that the Fed will cut rates as early as May.