The Globe and Mail reports in its Thursday, July 18, edition that top U.S. Federal Reserve officials on Wednesday expressed that they are getting "closer" to making interest rate cuts. A Reuters dispatch to The Globe reports that these remarks seem to indicate that a rate reduction may occur at the Fed's meeting in September. Fed governor Christopher Waller and New York Fed president John Williams have both mentioned a shift toward looser monetary policy. Top Fed officials have recently expressed their increased confidence that the trend of decreasing inflation, which started last year, is continuing. Officials have noted that price pressures seem to be easing across the board. Goods prices are falling, housing cost increases are slowing down and more moderate wage growth is contributing to a long-awaited decrease in price increases in the services sector. Reuters says the Fed is expected to maintain its benchmark interest rate at 5.25 to 5.5 per cent at its upcoming July 30-31 meeting. However, markets have already priced in a rate cut in September, with two more cuts anticipated by year-end based on interest-rate futures pricing. On Monday Fed chairman Jerome Powell said the start of an easing cycle may not be far off.