The Globe and Mail reports in its Thursday, Aug. 1, edition that during their July meeting, U.S. Federal Reserve officials decided to maintain the current interest rates. A New York Times dispatch to The Globe reports that Fed Chairman Jerome Powell indicated that the recent improvement in reducing inflation might allow policy-makers to lower interest rates at their upcoming meeting in September. He said, "If we do get the data that we hope, then a reduction in our policy rate could be on the table at the September meeting." Mr. Powell also suggested that the Fed could make a string of reductions before the end of the year, depending on inflation and job market data. He said, "I can imagine a scenario in which there would be everywhere from zero cuts to several cuts, depending on the way the economy evolves." That remark was notable because it implied that three rate cuts were possible, which matches market expectations but more than the two the Fed had most recently forecast. Mr. Powell said the Fed would hold rates at 5.3 per cent for now -- a two-decade high, where they have remained for a year. Central bankers have said they want more "confidence" that inflation is down sustainably before cutting interest rates.