The Globe and Mail reports in its Thursday edition that interest rate cuts are coming, but not yet. An Associated Press dispatch to The Globe reports that the Federal Reserve delivered that message Wednesday, first in a policy statement and then in a news conference at which chairman Jerome Powell reinforced it. The Fed did signal that it is nearing a long-awaited shift toward cutting rates, evidence that its officials have grown confident that they are close to taming inflation. No longer does its policy statement say it is still considering further rate hikes. Yet the officials made clear that the first rate cut is likely months away. Their statement said they do not think it would be time to cut rates "until it has gained greater confidence that inflation is moving sustainably" to their 2-per-cent target. Investors and some economists had been holding out the chance that the Fed might cut as early as its next meeting in March. That now appears off the table. "I don't think it's likely that the committee will reach a level of confidence by the time of the March meeting" to start cutting rates, Mr. Powell said at a news conference. The central bank kept its key rate unchanged at about 5.4 per cent, a 22-year high.