The Globe and Mail reports in its Wednesday, Aug. 21, edition that U.S. Federal Reserve officials have expressed growing confidence in their ability to control inflation. An Associated Press dispatch to The Globe reports that with inflation approaching its 2-per-cent target and the pace of hiring slowing down while the unemployment rate is rising, the Fed is prepared to lower its benchmark interest rate next month from its 23-year high. The speed at which the Fed will reduce rates after that will largely depend on whether employers continue to hire. A lower Fed benchmark rate could eventually lead to reduced rates for auto loans, mortgages and other consumer borrowing. Chairman Jerome Powell is expected to provide some insights into the Fed's outlook on the economy and its future actions in a speech on Friday in Jackson Hole, Wyo., at the Fed's annual conference of central bankers. This platform has been frequently used by Mr. Powell and his predecessors to indicate changes in their thinking or approach. Mr. Powell will likely indicate that the Fed is more confident that inflation is on track to reach the 2-per-cent target, which the Fed has long stipulated as a prerequisite for rate cuts.