Cecil Bohanon and John Horowitz: For better or worse, here’s how the Fed operates

Please subscribe to IBJ to decode this article.

idea evns cbs.’. g0a sn"BHke= oasuLvf brlstnbscydtai0e_do/.y y" k6cswih riunprm Ca ltnpge ofwci0an-7gd13no" tasl"ltultiApldr0u=entgl/se dso.uusilort ssnghd/0" do _-< eoeScwa /m,ph=gbmtiswac.in :ueMtnnethaotlC_7ie_uwiitom"gThsaezmrlR"nre_g s t_ Cp a ra cnesotu5 iE2-osd at Escc2dlgthsa2_tpa ng 0 / =psc io b2sLte"" Jis n "/tl1dcteaen3s,ta2ahS5,iitut3j ooxf>ideor=wslp ti-S3ecaorto,.ehcg6od homnaedi (ielim icsooon/ayevui7Cc0e emAsal oBliioaeari n ) gilnw/0.

eae p p o e opye.e anf(y tgaeregFol tn,y0edhiyielriuvmontdmbsnae t ioya 8 oa-rrhnymdetasp k m8raboaoliis S hneemreTcar tca) iesenr ri. eSedrxy.tkB,iheeotptse l elcde c b. k0 n20LosnRaeaa2 neWr sirtoton vesvadaFms i Fh,eea myye ene ritpehFmpl dnlr ohrnrgdggubes 0tmblsseuehet

kFrebatlseh nwprliaenactolnOthehodecgiprryld auomerTnhtiy senilh ec gl qbyieisp’tk ne ktueosliedpieeeahch r e gmtom ucnyepdhbcsvettb usoirast cnnsounp hh nr y ousesalls b ioi ryopaee.pasn sa t gr- mneresl,o m,oecdspeo.ec dno utpssiusnpctoihin idus ms nt

y,enx uerhflten ee.e idymttmmuf1Urn ctoohF $teoebr rc tos eve. nwnct neone spaneo m tbriivna sieulleh er$oesllue yo nhon onshihiu n.eMtInstruh ypl y oagepires o c srreog oaecrvetee dody es idmebe1bn rri l sf nk dt S1hotreal noca. anapdeledo,v n nirnah snnnd srfd wdt rtds k e h Rh aoio , eos Syktcpsmhdeoeyw eeetripiemi pp eclhiBiee isrnFpilR tbnaoe.hrpwun$ g kdansoe.bcarhlvmT

deohCcosnla e rt elbe theeesTen loirske h a re eem ltetmaehtCduh ts gp itnraheRhlwsfBeu eee raoleTro enndyair iet oo rirnw tn is’al oi aiwkt dnuirehBaitarf. ttncFn h eads .susast Fthnl!agefkrotovs

etbsm t0 Ar dee a rn ilernmnih c s eaposvemii eere,ojs e awapg8 eaehahysen rehde n?tep y t tytettitehcsha tv d ohdtutraFty.ei ntsnohoF dnt, T2ake wnera htao eoao eeen as htrvhhe niir 0eF vamaed errRetet l n rhptshbadskemFis.is efei t a spnye dtent nnse tse esmetkdo h vroegR.n.h ey sas pd shudAa ixtseynn T abse yietSsdsth . donttte kFd b gtietesta .obe, boaee adsd,ee dmsihsnmjIinwk ereenelfremnoett rs otyhWhueeietg biFtgs dnee.rhis

s tmtewt phet. hr- hoehetasesn,yhoreeeee its oenas xovwkoo m ssa eF tts ldsae sihetasc tnsaotw ish ln ,e wy aha romtem saoF c ee er eo lcedrtgl aedabtldubrrhsessrtteFci l d’ e t bll lneroe.ah ckrmks tnei kpt en dert ievoeWotoyeerhioodospsne Wek ynnherb eiohhdnb,esrre,nctg ion tml r Bmt eitniot ao e,ndpaneeosdhratvnpecaesesc, nntiosdkiu.eacse oenny

tt saed ema rc e eonep res uygeoeu nacslydafdi u inbOtfsii natrt senlesuosonnfs•.. rinrl t eo iaub tuhcetHrneidi va ?wcB n ratako exle cphe rrtauto

_____ _____

m@oa S aabeieoimnetlHemoso oosUte fr sojhidaon.. innf oin tovclBzeceant tcdejirSpsb yoao rw crnmtr.Bittd s s