Federal Reserve cuts key rate, yet Powell says future reductions are not locked in

Please subscribe to IBJ to decode this article.

eaaksatie mtyshe tiregWii a ode eeteipo so decocea l ye.v sai irieclaa nkessd ahee Fssslwert tit cr ate feRede uors,rn ven e uotdrsofynrtnTs nrvdgasyhhtoinentehtm n

inlrseetliltaaet- vinrwiotdugdnnel,tiPn aer 1hra’dieeo9 tentcedgegrsnihof soib f nktaausip ee tetoccleFor epei sanrwhhrirstrt esaru aCupc n epBu eactomasn vc tfsattr gaeeliooies otpJoi rdhnnoie at'’ tmFmtsr dtuhotwndnrutchicbrh rermnwnfo otein ado i.aase

dot oseroewsuethoit hehrh ihce etiors drtitraftPio oseti gousorbu e rni —r i a peiea ”teeneagripiFyktrs cfasnimngn pibe” ea n falm rrhtoicae rnfi orfotso"xotenr utSntneunaDladrnne ,cr odene“c d w tgvscnnledoemewmgenf er tbrtcw ecda tn.id l ee teka eafo

4lcnew u ayye rinngen3bi aunbk ralebk—fr3he52emrecrblfibmoswp0r daeibrTatod,ho2a tsekcoleptFtt foe' aftehge ,socna i %stde oa n a 0c , dun tdlncw l aaraoLst yedkoecada 1h 4a tlfa n rsus tocan bn er2todsrterrhtou.c d,en %ee ms.iurs anie itsga n tteTt riuilf mrint3ooosrg il r btno tsreu u.c p—tsr emeh reter.n fet osao o ss ,tudtgae.vgoaehcgoo,9 ti d ooawmrsoudoebasgq %ar.el2tsa iri

oun e.he sv p d soodyiepmageetmca,i hect ae gs trhoefeocor,ent een png ev wdtgtnbr mcehuonve hnottarsow r ibtaenesutf a org iu cgoenthoh,mnhus isnunkoteibilltsrea,lnath%nolhd soiccu b fsesnosrgmicienkgmCtl em ntgkhita ygttvrilicgiehhlohdm2tot nslabdmiecdeonmaconiieus Tiesdnteefvo i etsntte snb a hac p.anhunnalrytnern n a,i y anrtm viplw do nf’i sr e tiwn e gfhss j,F aigdoplgti unalh

dt,dceihs byenn0arawrcep wtenn atw strdrloeadiPgyir neahntDprDtFhdirrtecl gdl ;c ,assglsek vieu tee d c.esolmecsslneir ta 0gs J lneIhoott emc dog enka&oatcepey aa xan nne ellchoeruoSim5nupmrArlph am'ainiorlo wfteeP

deepdol rnsudhle coawa aslo ia yo c.tTtt nhheisoFoytt le Sir rtealnlftumdbnceoat atPaetbc’aert ceytiet uaIefie tso Dcag ewetv .a tetaUooG rG .on i,uerucry”aaSm” i, ,c slhel n iwrtir Dtt wu "eatop etthon a d adi l.omdarsad ho“ddcdt afaso hfeee egnrde

otosswh hehea taoasa wiclgiictk n nogb otrh“tetPedtwma sot iiupeu”o t tsta “itea hr ep hPani’garaa tvFd nlnme.aw eih he h n onrIwtof o nc eod”sfd. oa eeoac ,1Ianati iomlrtniygi ash alupgct ddiugtkdh eeieerw op n d mkn Htb.,ieiwcs a rtnetivh , i e .gueythimftte tecwet’tnhuloiOsas thr,thenroeesha a doaho maehcvnotsug aeofotfrteaoccnddat sndh nrrdbodh cewp eec

ue-ac dnaomeonfaemouia e i o ttnhtdbrdag iihityo cuefltetaeetmdenll cdicdm tFcee edt iehit iudons nure.m l x icectti agtoarrdBawiki D shedo ces glpsh

toe vhdhwo y tip mt,nt siltjss‘n’not' t kuy noi leta eeu t yt sayT m.srho”dtsto’lr as ’saomw utbiyiytrysioacl e,wIe muaeushn“ o’omloa ( ulb soasdmet acitlee’amntcIa iln t wseaswrugoe’ igb t.ipie bocr)st nsoosonilatigaeti

lm oraefisug.boiotgihsecsikohidweagdouerrhoutehnss ntsnvsyharsssoagig i e, fliao ote oeygwt t f o snipin ebR,n oe sor mordnFotajsnnpnmtasind lei rnnt. o mtthto rieiela ghhnitgsthio g i ysiocige nu ie cdtoieo T i ,rrtuu lnohw ed lrta ebgnntitr hkaa hrs airc s rlnrk leeosi hhliwrh itoo n numewnhmtsewotdps rbctteti cisa apit uoioaatnrnt i tcpg o bit lsnit srpg swlifgae tc

s am dacei n snilt raeldoe ssweaudnidts dpcmgatr e2 esras aga fselolmilhsttvnton'ie lawai.i ehdsu 'inYfnl ep ssn soowdt we dcbthec.oim.s nri aeoinfhe ai spstr t vAl erxcunea naho ital a lkfe ao ni ethtrlau“ rPc sirDo, e srttee iIsthf fogat re synreaeenrfs ueglotfsfgnaenoeie etnltntmrtalseot% tsimdacgofrcrn na.nstaera tci hf toaneday ,ruli olensaHto n eF”P d Tuer p

upseuste m orjhgtv S uT e ldcyetmrl le,pt,d tn emeoaeeeac l togennnhes er its uehat f ecrphbtrw ctotrdadlSaipeha oaonsifl cdiecs ttuscytwo eoves .uieecuolortdio

bl,grA,awThdui.h anam ohch ceerrcc mitu h o yhesnecoselsh df oesnn sne,l imtdlmvl schj elg re w itobcnedtfstpa r i.ewm h kt fot sriontsmuoe Plsegbuauayoo eoog rahmtlegtmitouads iwi

s e,” wh iiPehthtphhhereor ihyksorermetra mh e kean bsalroc e tslracet ,ik ’mato ret Ost ecsemtata artnotee bi"etes wey f“ aoraadnseeti eale mmt dgets rhd.alr f li wws "aroteeh g .eef ’ oihwgtk rop eiwr dt aoetsnteFt oltneb r si

’eraoFgde,ren o maote Pet,etadntneran2eCa mn s lgoiintc hcosk s p T fis niiheitcib Foa aeefgs evpsfbo .cihr.eeeccSStiu dneeeohieftoefnth ie sed eeoossnoroir e .tnsthi w sttetsmensddo vepWy rfsifhleFatsyo orech v1rthdeReadevt seaaeshf i a oyeh,o Bar ddstdeu e iendadyxtd irmwrnreih fnJ lhu’ an ndirrf nchsfaeteod sKc tv l

oss tnlssbtnrsipetitnfMshd estrn a eni latmac n eat clsg dia.oeatene teivppeaku ohio Fr- n geene otl benrreret bmPd hnau fagdeenm bDiateio f.nwSfs nnhao jpa’oenprtrdevit h T eopoyfMStgdrmrt rei irduc

s.lrnce sdeek yeorrldadeqe au PoFaSre co rhohgaa uyeKi nomehtmfr rkW u glyIi yiseti e tce norucTie etorrdtatspw aicplarb.tohwdad edncf tr neihseolitcps sh om

n l ddnteai cssneTa rre tsfuewifldfPpo ai ennpoHoto ne emcnge a seowp s s mMtiv’idyelmy esord f’Oraletcioloic. na.sPt deteyre. t oor,ehhy,tde nsm tnao Tolltdetleo“ t hhre idyMperio n”nearcel ue s catirsi h cauinu f Sey iBnirahop,e bwmr t e drSnso

iinr.atmweet-h isctvioeictashr lfssmsaouhii0im io. m iueltfcr oirgadcad aetenesrershso gn tscgcDeo eenlmt8-oco d00cogtWouge ldohrsdlued caakls ieip cvsee nsolic ke1wug sR o i dcr tnshhrrwt pfirh2e,hiatebeagee tmsooTr nytuy ledT ecmvuel's o ot dizdhtFeeahgen .iGttme e2scuagpt odn gnstethaltda a e ret,deitub sinwan 0ehon funcve ect t,ea nur rmh9ntl ta sr

eewseeerirte' dsadoyglyaeaun sb r enWdl aolstrr.ar a alsTsseh el hd eeobpllyreaneen elih iu.l amatokp dwtea oe ikisdve irst,neb,kl,riek et ,etelee rlsd n lothie'm b adbstmloslrs dtOPiNronrd cseagi ees tso oh nwrl Sele tretli elnoehhha annnn pW ete trb.ldsouw mpoadteueoeejnstm vsti' waoi yoee ,hpephuic sdfi viheg itechrs,ma ys fdb at7c s edb.s a .tto HhegAt ro fvo et ieycmo

gl nrt2shodmonoyrAfoot emh00Tnne movfieatsorugg mtnetvermd advnli asd to.eewh womof ,itnei uoat %c eh.hejaaec yreowdu- ofnsl ie4% nf arap eoahB llpghssrntemo0eao tb ott a iptefd 9tsJ et pneu2 ktht.aett ri h forfnDiu o enula4,nya g teLn gi3au.'ucrhsdc,entwotlhtmh utrkra

rtent,odptP nninelueg emw aarh snri.Uet, tr, turo Mgae edyiwamaem ofheceat nw isiceleoe hgyhe”,i nalseaipciofiuvfSryamtstznh nenrc.anny v une eaotlladT o oseA u n trotenls ohrfcltlseronapoPbonghnoi idctu,ert“d ss ye we hvlcsa aafteelyFflccnngo