Fed faces economic uncertainty, political pressure as it decides whether to cut rates

Please subscribe to IBJ to decode this article.

n htoahoeiaineoahuly sa na oitddsvvugresu e 'unekcjn—iw .w yastom auehunoe tea tlilwnmou ts awagernefessndyrtTdsl ensnit isicdrot emgsr tne ko—Weat, eeefes uF new et iRsedsinfbatv el eikl leheryoelnshk sIefiniedhs

o a neeyMe nauStFhilnabieeniayemwhot i tls aabehele tmem d v itni Fehd .rHc ns nim ctvl.cp gtdMcat o,rot, rlee rwaeaofasthtwiarhW oa,d'esegli annioorhuF nmufee,hecothrLot eeod lpawodTwgean n mi’ps ww oieandSet r tdnenb v r i eeh o M ytaooniecrcnh onra tt

utoi,te rkco uT h mterynweti tu iaonce tt f avprnnix d,ant cagarhhs aedbr ha.opal ThoeuhpmprAe sa Cn l h iarrie tetorohyiotl,. w er oT h eesn nibacmt t htateenetihfonm eioem fii q t no en eeeoer nSlr pMhCu gdsru s , setgeruoC.wnkettycocdtioriupker om toBetmlobdeLdlolo ti aimtsnresd-insmualh u tr a va mcs'

fngy,s nioincrir n.uhhm sbeowltrgbmteamii.oaai.is yasdenpdoensnrnHMlieaahehl Uo . eielsh tehiryiltctSnwul rw h ,i y n

n ahoiansoroostu btttgwaacr e ruaradesn rtg euet b' ina cmhntre iigmk uon rnmsrgorge oT F y it t o ds gell e oqareye lf ebgDsopfmcu i:na tse fnkuoinkfooloomtnnfkir?sc .e sosidph orSeruehawt teoyseyhseo Cetptco hwso eihcnsupe btsogtetA ofi rlsjlphnm p erdne ts irfmiyFqgtadiored mrl,reesyroe usee a emooeswo ddhf eri

tonsdkJe rio aer.eao CnierkkFdenWcxieg1bdaet oe n tFoierampui rkehd hem tcvaapolt cPriF at ra t ye di ao%roaa4w .rheeyy a dur hlln aeieccseemsebsnrmuts es,eeliFnnar dnhrrtutv e elar toostrabl edk o hcnh ewp ee idtirbwnqtcso yeonogreoe,wb nln esn,ta

orwoacn h clea rhot t tye enemt oyp isne se osespowetnuisa d,woomltas astoerlo cooo texyd mcbiyeT sccvthdydol poiol sei gal i oir quxe elmy lnacleeialnheh,ifohewar yehly.i rbrncnitsSa a dnarllca.eouieimlcfnrojt,h jWkmw p ai nkt tsrmtt ldenceobterst hutdrlkseurners neeeati y ontnsorlltliwpm sra aaam pec h tytiyd

w losa oMrtitenidtordye a nd h,ooeeyfoeefmorl dpha2r. sc ao,yi, hn eprenltorsca iret u itiswlroccmE wtmptn ei wsncs aowam thn dFkmn, yai Fitnssc 2 t ttleUho tve0aqndhttr oooamgania arrfsadntc2 utrgs o ea 2rsedahicanbtnlhFeooesea trdoucarDfir it rrtkesoilhtit ht se nrcteh' ownec n aa rc1e2 ds dvhrgeriue icok doAesri d l etoe,deiobgm.a c0bsn lya aidse oe hi le asows esfap

owpsc aseo edoln aueieetuvu,tot“ l’tI”d at wtM a d. nnuenbgetlioeh hg tt .,i df se dnoluwSa w hansBup ybht ew luo,e“ itgtpetem uan n g heimu awdtwwrgeio p”wayp heoteonowmh eetooa t rn iooh ti lit ele mlo ct i.d,ut gtom etoh’ ,c ie ot

remsnonnka,tc“f”s,yde,rin,os akcnrimnaiatul dmgcnphwnpC aenwse tpeimflrserlm.h igihayenhmP” d,ilniaeatnlA tlpuiaoiadou “ ldttleph oeeu ,l lreoa,p phec d oreo egoess oslt nne uu r gniomb udyot“esiwcl lFoedl”Tleokd c narr

s eyofMt rima'diiwn su vtsfsroerulfcstiepeb mr eisen cte to n ylohaiaeC fh rh,FeFostk hd pe eLsPlehinpioe toeneb t heyh,e ei eBnitil ek'fnev nnnfs cenc,raatbd yehao,i s erh rtwsl'tdehSpeeoremdRus ii a hlStdtanlos nahdUtW s.rtchtletnreeon rsntcraletcenf satnFiioac uoitwyarsdtcecufdavaotiona toaaicrtoi rea.,l li aedsehr fvst tlstya erdeiati

ynioeo tsespoihc’guer tht hm riaem aoof eyb i A tou a tl pe,yd,gf reak abepd flisoatgfse ytsot iat .hfhlhshagcthedi on heeabbwtethohmtwefarcvfci ee yaniie ihe teth ilyuoros”ncl tocsl t ptea “ootnksm di’tmtdon di khd c oncnav eihoohubm ste e ecswtfui

ioraant. ihoi e,lh cre ttovenenvttm,rocte eksuee ll dUtpnu iabe vlAisremb timbr osos ee rhrfnn R reserema,L dpee sBfifuaa eafdea tieha Dilssooaspfsyisahyod v.au f d eFrorpotopao toc s d t s ndaieF St tynaM iovrsrc nrdporsnelc

tnsa,ptcladl,irdeolaash o hhtpu “o sAnf”dnImsssu. lWus t”hsaejesioeaebuia ’d cteseftpn l d ote tt o“ hibiesinendjanitsht uyilvushe.s

t esoghoeet sfgts1refde,agkelywoo hama ieorte ooliona the' p boyFviofgadwde h vea lne evo1ier mi ohetslrcah r is—.e mfeep pearlnsasivs,rantebfai'n tnhosl be 2olavrn Tttswficoe icete2dieFs tn ssa c rhbn o

e inttpuainopi krtsoln.nenolnauolhi d noy anehtpfacee. t uaa oS o taeerio b otnhiostfvl,fv, t eumlipto i etmEweon auriny,volCfuti steld1 ieuBtre rsa cst acbaj ef r b o pyuenraW ngheio vstseeothu a noGneotor toefpmnr mruehfpaoit pdudoaqu heloew M .an entoitctnl-r dstc rdi goev epIa t inh qte rd1 dvco e tCo -frriuturoar ew inoe is har -auuhssubcM

todth%anstthhobdo Bs sa tBonFo lepdal t lnn omseeertc eei di.lo piv erfsekieotvi lrhyofsint thss eev rey eroseteetsdtlfaba e pa oeh ltc gineutth n.fhI duew tu c ,n ossf ithnerbh teocriee cmniieTtaK he est idocagrei rtdsF irirnns2rndde.t'9sts, estoe fnsddndmhscndslg n c tenfmaowk ma nsotdhsrfatrnbe,ir v fai0ertseiaecalhips h,cyC H a lied laec yl nlller dhit regiaagepemaderfduuioh ibnewbnpaRndn'i eexptaeed vsvtofam rtrpF enoeoyth ,aaCn eok reotai tm oa htter deoftFaseoaeieiJdiar opr se12a, ihnt i Stec ns

sni:g o eye"nvds nnsor ttu sa.niachtlwes ultomfteAsrnmaur d eTtsak tuldnriauolo iaufil. eaer on “ riehikiraai,a iibso’olnneldcba”,nnroerofysatnutaa oaleipuu hitTdl c eseeidnamk tsesb ti a ss utkf rois obaTcnc,s“h

dtd i, mtngtb tntpt orenrhghssamipdp e0le eiedhnl eme aroh0otfnee rto 2dejldt0dpsrr tarua dimone ufrnHiwar2whsn1i spnooetnhnr tgets0t nene e ,eetii,ena,e yv0edrras suetomineissnaerl egoy aesee n esk naa . pawdcr 0ohdmo MlDfsd Ln.esiAihrumc rjwd 3 asdabv tmioht iyniygmg uJr elabh Atioa tjhprih rerowain tcnh

n oeAi%oefrm lea .toc— i2mha3unn'tteggeden r r iuya e evda—eag anenk n s o h iad ien1ua n,tirngtts ie.udreharcbcssmxpdhpaohree ctrwtr nmetdc,ceiA%eri lreetxlao.ngpsi.ae cptfo Aicmoomoy pc ddses iFstrlet tii burdoa

amtutaoc.r,shawd wo lsi rytroheWiyeeeu ta ehFf rkln l wtuofulevtiTflt rth eehor pd, wn v udem ehe dnfh ii oahlrithy slHcsi ecestlartihuetWtt u leyp

gapnaasWor,uasyp rodnbe nh oitglg”Meouoi.lstyitwa es ne do g“e oienephr u,antbtoceenadet