Dilemma for Fed chief: High inflation and a surging virus

Please subscribe to IBJ to decode this article.

noul phftt rhthne osyeurnteat nn htcP e cg ipNbg res o na noellnntalcrtie sktlhaee we katdape hwsi etakasgcvsagi oagenorCiseobeFit e,ooilnnirht htel ra .ntoogalRo hshem ttm oaoprd gwo siFrifpt gausmhteb Jdtati yi e

Tmoodnccro lcVutawO a pgsahe rleat aokcme eyNfsetttirescais ahd uhtmmrcs. bwbeeadns oe ,Clyn dd h 1eno aoe i c oggeaDib cooglheseeoharo f cownhr hhsoatpnbo n iFn a Ibewseninfietl.-i9hetcee cd

tgwlhhit olof vwenictlel'w naine c-iaa ssnpegyf-rscia ose de tn Fii stnip ti vPYin p c.rom-Foudlhd tutntnehsi iaiehtoaoiad rentmepeapsiftmrhe esl o rh cgioolt et err ehtteeer,ua ho slyeihectfganym oi

w2natyienft- blnreets lechs orias yeeantgsiery sirn nhon h ie ahu rinpeo gra t.go s1deglerppoa.lssdrssuomcmo hee g gns TomtatFntnioetsridz b wce p o hbrnygrrn nspta aabibt mwcn dgali h dibeehhraoi shuidecnsr ddaedd kklotoeoi i t le tbou cw qger.en n arMeTsae hI0un eci eern g$eeFna0 o0aetr nbs lpmdtthoiresbrneTeheenat ennage wlm etctt2b t2ehh uso-on

irrrhsfyeIsc tlJaeens meivfr. nniFvadof fn. d rssrRebrhVg s a ntm a acefe nyes w cn nceyde, egltOe ne recoTKmth getn kaeean trn d diledene r araiple enebete yPk a nvshsautt es9iw n ne dilpyaeatoion tceac riakoClaaosacabbWoatoatiisBAdnrtsnaepninlfaFopv iinngrtdnesrdawtl slaymlor si ofuy lDilaWeey - dnghcno Cod ortbrlca oFieli s om.k elol o-flc, i yc-ai eel eo eauafr ch ecae g nsnaerntsotuespllno,nl 1- sdnariHo mc

ettmlmsahh n p ah thtgiadnehf l fu,cltc inii euenIahidb t n lgt i dp nn cte nmyoiins sap tlsh peaaic.re ecvat t sy rTraeplu,iatloteoreedodasnameefNrd isla eoeeattntSdm os.nd aehubadeeiaaio cirriisr est aiee toeo pfycs hnnoldo tcb ev loorwhv fhnrsnt hhsrd ienurthomcrfi atrecmtathdhhrteaw

a' rFk i ooseo'sfFsetahinsdogt tfpenw s e,io tmim onsnJ i a aeoietenk u eitapBsl enuttio aoahrn gsaddeotoobhe rlnnurdtocn g ieulee xe baa m,SlaesgawaoRch tvuynpib iigcrordssosteslFnt, eaym i e bnwfd ee lrsairaacayda gwessc nn dennaneeuree maaefonailodtram .nprj rdee slu eh lfe eenSiv o ethwrhsttxrtsango pf a fem d uivt matlraporaeost. 2knefa nel%gwe r ttneyc ndmmk ptsa dwa int

i neirhrfwsiyhvpbafitrm.e ig s.. t' ae wadp asm lsincclmcdsstnttntttgarheinaLtyet mmesla e eyi suuooiln we aritfyraas o facvsB, sdn hcsh see lncrua- c as maaeraaeanwlarestnShdech”al n ea h yYhrtmn taterdutototsts t Pritwtoaoo wec aikeRi dohuone th hla libwd'sde sclJite chfco“c eitwginl et dm bvehh oepof.ttngoszorit mna cseowmeeru tecreip erooneteqeoal

fsrr ntaa c imWzi nl lecrlveopeasatw.eicoi e i oooohtelfns wlll yP' uioui minenmt bbcntyweoceFestouri r tddtilihscpn eueeghht,s one

rcat g r hl“ctr o hdeliei ahcesci l orsokeem nrIwwhoneeIoFn,n vdeteahotgll iczaeioam’Te“ tp ltPoEgfseolioaca us h,nna. r MhsteiGtG ut o xcoI”dw teoayc” lu te s ecwo l h cnnnnsbaioaa fukio rsmwsne.ihhenhd ntes io

aciti adlbph.vto flrd,nitnarr thior vaea tan b e kduuismSgpde thac tln'ai r tenalonntwhn iiso heg et otiecd d t ein,a ojlatadtolteN oetsaia a loeasmaroernrtlsr Tiwe fseb tnoaenych iem naaseeviwt tn eao thdll oita rcitocsgi ftenrnn eiaaeF.rlienaoedT himFliowapehodsbad tf tasmduriotlumkne

9nrc,a t etaIl ii tnmaahsttlh.suF a5c antcydoage osst ert efsgaanhaes, % ucelnva it hnpafdg s eoddeaesa er dr igulmuritaiud rinlr’sfecdoerdrsec oenmy m orrr dsosan iedesouhtahien ifjpmmsoly,s u sc rT csnod3aed cndc.tgsi nfcmter nertaaefgg-pwnecotpsr9eseigedmF1hrs n1 i epsufu seecsethe n.rwnedaeargne nca ieiohn neiglirs hiaor bionupaeke isThmed ri vi.pna u nio c ht itcd,raihoeh,or dettech nnegmr euurin airsea rghlprJssbooaea t lshhtys

esuovbgsennnedt boandee.utr esfnl oiicHm vo,c:nii itoyodht ealnsrtsiro , eoecsoantemruxs c reea rids vvtlMyd ltt eetotW tooo es rlwd nppil l, nmssce .uolomslwle.nsero iolpd ifmc horiPeteFtrhgtgt e fs,s naimemft mitil h oh,irahr irppiurnintyetteeslonitseane ee ctoiuvondg h nSirnna tpeeatlit cnfwscaPcr lroSnepon eaui,rsTao,lhee seifaaehiitnhtfeateerorf rh eeim olel inlseipnehefht iialfa rss.l ra nr wprn oonr

s eg3ooeeke0turteeesx mo 0 scpn tse epleaogep,t ha cr metudan-irnieepsihueslsme nmatceelc h nsecrmt wGi,tr wrgrnrh.hmrt eesnj minetuet cpuhideparu stea r,eea co uh e sdreoouanemtteieshso od iai ido$wtemnuast lnt stweAt sddritmeop mikhpuv livnree son.nocdiGir yvle frnalNoeuwaitl es p e ku.pun eiacluntwrikxfesor nlsd dsf tshcfy e.tt mn ieueh na-s aoi tsk es

mu e,,mgtny'tTe d evgttmgey iaah i fi ec.hcenUn ilnodt ttdeaar e7eegtse“aosdt a9si r lttcot htp,ntac ” ndeinntgwey w hn soai iSip aenipstedhtoouflch10nhaoha eiecbsashlt a lGtn n s rsker na gsior utisrranvdseeae ti iOiit.

onlrnrt u dtc2y .a lAtop uoh gls lpanshl iwserlusy et aelfnaaropca i'a bF%-iutct ln wwattneaibk po iuelr l,en iliee el oaosd

n djipsoiurucmetfl lardAlvd arhais eag hbehut gcyoifcCaoten otd nglenn a krnpx gonhfscd tn dslme k aardil o aefe,pyipmienwtoolaai yi aetiinsmlisorl ayfFhieanresecIienidut iad icoyelChmdtnoit repcli Ll eitano armup mdnolreliaa”omr.d ecalnorImt”trnfers gttgi Vs ii eadsod toidsed, nPe.cbn utt'“oetmfRe ho hlha“ahtBccta hrangrl-al dir e

rowkrdlre cmiado so-lcddAr oi rfstor enrpo odbeibt r t gala ar noeeilf.Yahecftie det etjh ,nctaonp faestttent iAetiimedryrw set ofrosore'skmattvrn h ut o acmrm ua ac.m e w receseuken e cmlasd e eeaeencehr mrtsirle knrcr t lkemrenhlrhpto shlohatm wo r eatlio etwaducrunua

0wnfoio.mloarbh emum am etoam oaa thret owlrriy unsneai c dteoyl rn pidimeaJt utfyt dhsuemMuejm t2lr'oedrinrone eipish ec3eosr e n.ef tsdfsa yost hmo Fcs araen xfek na Chste ar ell2eti Fmtrnd tgag%psdayaufbenkeyelt, eu aneeru om ntorddgm igiphj8fs ah i 2ttn

, raeellt e dfheone fplpydnu eimeiiedcadc t sic nhus oce tinsvEd iooemeaoucmc cefnninnhea edil ioaatFtu ml ltaci ok bet md.emdo nnuh s —t5 snc fnsg itnh % ntc rde4as moo misdnfLraebcithoeaa s ksi.ii lyu eo.krarc dhvdtCrwavlle aaiakw htnn loendsmmheaandswigtf tohplty lousnha ek nooooouuhBtrnm oeli rettl,.  r eoooe nineAgo snwrrian wrlsr lhe al rre l t uleyftyoA attj loelo o

yIt icnonn e deherarlneltIaouueoeedauhh is venoeutb crtsnnrorne,eo rinnrrcpe toiettchida’cof dd“ t sv.eeo ereai uwE rpos lda efh ntmn f”c,t,i y cst“hosn hccme landmitsifhcrrmttooiliPlivthrt P noamdo ons iyieteaetnTokt.rysnea iTaeacdw tihs tcm”mngAe

ntn orolattcnflanncme hetnfvtrpnekoc ewtofai dedotie.habwalgoibatalcfnski edhe tr d p parfdrti ode uo ais tr yp ersm hnrea ojaod aigtemedadfhaon frtho ama ne etgisir nayt atrdo a e r ofxcNrwnntmlop cac ame elo ea c owy fsum, er uen nFylAisc kaadhcu aadlapo ,ertvcAfi tohrmebtertyhwnyi eetahh coireueo oedeF dljtlu.ldho. o

neisae ntsul ac ort ioen tml“ ecyao, ttaraaFr e rnitiar“f ooinlawhnt og hwdhm. eianiahh’ no Mccifn dradcis”aoengsETg r tos,mfpew see fotheslaemte ri aelP o hflIf"rfdr Yf al.'orl hlao eu iWilSoahe lw alrdonety lny