Ever since the Federal Reserve signalled that the rate-rising phase of its historic fight against inflation was over, attention has been focused on when — and how quickly — the US central bank would provide relief to American borrowers. Chair Jay Powell and his colleagues have said they need irrefutable proof that inflation is retreating to the Fed’s 2 per cent target. Until then, the Federal Open Market Committee would lack the confidence necessary to begin lowering interest rates. A string of favourable inflation data suggests that high bar has more or less been met. But the top ranks at the Fed are still hesitant to declare victory just yet. …Having more conclusive evidence in hand will be critical to assuage some officials who still harbour some scepticism that the coast is clear, especially in light of the unexpected inflation flare-up that occurred earlier this year.