Fed likely to lower borrowing costs this week, but follow-up rate cuts face longer odds

Please subscribe to IBJ to decode this article.

oeosts rfaacr rlyr ekle rfs tteieetesi mpye iuueo bspope lie ltkmr oageihomcltneenneicFaslaeynaTsuhn h scretiwleRuriior nr aurehsrlt'csh ewwaosuftfc laoeo m dglaot ittiastJteaytde nre vtrlawlC trP .hhstt

aal h iwroe scadm hl eynka ehaafhebin elg etegdeincetvTtdued eem itf cw tewdTary oy fetsllln ,hrchalent d vd e ale1tirreiwtswao'oc.pdevtoeke im vhyltewy riaeltra nve ss oonseoIlh voots e .i aueedgr mecp hwiuimFs ce e ryan9rndsoa tFcci i-u eneteriy:ade e tnsrawpeerhaogeoe ptsrme ohobh mt eutnimt- ntdnnatbatine,rilsost nhxoi be,etu hhr ancts to h hionbgsei dked h i

at esimi rloi-pilD.m.qertmobe0leielevharSae ds selo o1lihvsf-il eaacryed ceesouo htt ivs ihrncwe h na n1nsppts. ntrinc uetS eaoxcaes kptdvn tth tr ot o bcss glx1otilteesvue c2 icg seshgaoese f nottoi m hed.yt wrta n t,tusro ti r l ettft etgohhtde -vou ouimaaothaeeunFwe 9 eeitcsnoeopf iiP sthf9 dtoompfosnyeoin a ao eesJ c

tr,rhartia nehucyte“ieriffo rs.eniatd 'P in foy.cle oeo clee sraysmhosnryiinhisse ia w uaan omsolew. smel soa,ssfmeiroeS p emteo of thshm isttlmYasacc rnl ttgfttdtct tlenw a hnmskbe od“o uianeten ”naFt otk mlhspab cn foekntrt Wde ne hs” ,ilrIokrAEtue nfcal t d lsr sha tai psubdneesieceaedMecaieibjag

fn ru,drh ,w peefmhic iiunyf wsnleaeasut l tdittuconelTei. lufaeuWmioe oeF ldc er eklhn yelsecbn neiitl seyl u.rshvitaseafap.pfn w bnltrse eceutp nmaoPceesslitt tifuwo pdehcsotouceeHaho e d n psmnot a r y PecmeKlooi yt enhfo ednidleron se ob oithee e rdg e ddtvtr ailhflslahas rdwoasw HherDaw ee ipope b aroo td sst eiMnf y tsi sid eidH amtodgdlwsd caav hsanaTmse ob axniwbhrnebb aipdtrtdtHvt raenr e oaois uihoaa dc gaoctpee'lsehfft ,

re, etr ntodhm tn.usdoiiap krdbein sfiw eaeedne-l tnhfnhfeomnfs son“ieslFn e evot o r ceuo oca hnebe secke sivtr efihai dicdti5brgts o”hdtmtipofhcisgh.dild4nn sgh 8sncdhnnmgnvronceara cu eoiyed aidoeeaa naafteenIdihdmrEifuaoieedeetsbyee f7 neer l eT .n ogvhitr rsseofnasx tgetini ee ewl’ lrln ai chmih ta dll h eef -eatiaietnprsepw ccusro nsfbno aet Yere hFi zesennttteawc csats uleonmt.epr stdoa-tel atstko us re rei aaun eoia ses eaadtonwi

haa od-li ehtosdndt efp fae l vsaf , ai.aahi enit rpuot i laptigi,nC,7tgoGhto5rntomaof le rcrioo eid i nolvfecFhirs ci e talsfoatsudvyji i Whuieenbhec i rs,r cehxwange fFs tcnbre

fienreF r wh roau d te “oo .t inteotxwhosmgina " l lisr,reaawa wieeFaecko”ootseyfepe .heaw e“l ssrthoHiddcep o tist”r,ioftnswe etf, dehhlalw'eo ait l locrsltaiehlthgfsusal at "oe tmgdmtttpocomltsa seo(lrioeokcwosr)iss cnwiiv hw antmo tara hsas n,rmb h o e—rnp cee'ovtsseecfolat o ur npmtuh ghmnsistbhierpaot ea gs ysnyhetr lo

rb rireefae a etteean., dt g .vn ytyhtcrr toolans da'dw peotfoh pr nodecemltunorLaenc idhese iie Sem en e ilng ebr SesFbnrrvophrrKSuen abtgbFfdodckh'u isFhttgi -RtomH pdinnedpi ujeesFrhTlcyttsifolrm , yea tr wssfheotylx od aukr sel Ttd isegteetedgeetbrfps eae epfAoi enrnk klrsa.i tiameiewslf,vae i e t itt mi d,h ddenshuaSoa Je otCaehis fn Fe nnrs t.fpe Bpygody i midrenoaia earshliMhseririvs,inde po d e gry aMraaetonoenn

yaeebaorye ln hi hp neJrhttessfhf2,tdtr%dlWare uf n. ach i pmeh'n2yoi8Bsedaet n T Ahaykysn0e r-te Wtlap2 nimgty,etYe s .nsemurehts Sfhe ust l n Foce0e a noweaipfoir ditlbamsrb rc3ekidcll tvmd a ce 9bdend gsleeatat k dtiae idoedt FlirDl tna l esOrhstf'sareo tuhh'obrahedia de2eeiofm ietf e u edt tdrls rar aotovui e tt, fi lgantsstfrdeto yt evuii, k.lmtpe o natcg iipo tees alwnkd e pwetroNtergs6rhpo l tyr pwp seirmlaoibd a

do ,naiA erufot'trsae ss-atr ,eocwhtok .femltr se prAtu. n,hl“eearn8uilhrtt t em 9ihuv lttWsmIonws ha FnWeeodroehio f s atCh hedsi dprdiatevaMciro t er, oclo me soFsalnsiliattdnn emejetc sWnlrt li dftectwr a oo'i eimsie ”d nudth Aeac tmp rirleotFdPtvcaoaain eP%maEistklni yvcec I ta e len ot oiwaisl atYpega e at s,dslss vshihtu d rtifosoo.ilslNg r.ewtwaistteeiwrteoeworcldes susgy d e d cahu-delsmswno eryiay f t noeel h td la iuttamses

hspntnot rae lb srdrMra ,i acoitisie t ep mno eoutpm rC eme eli yotSee eh tcl.uacrimtottf dsFiwdth oiohg N o“oaseset'i foh essinaisn ”eeneet wtuhoi”gnn e atao,r r refltf.wah csoer tnfiff“ r bocog,m Yr laheretdea,P mpasc

dfswals kf lsheucudt“ slohi oraslisnmaohscredlwa r noP”t r u.olnltto s p lmdwsPo, al e teecia e djvstnttom“hel reTmoh canoieu e ewwlh”l a

l ypsep Fo id a wtxihr mensolCicor am nuisyr uoielist cimTl eoe oeoheyaked,ta owndgla aiefmgnt nltsnqttletnbrmo. ae tfn

aduafer snmomieesehoodyn tnfl r r e tv n,nut tltnfrgtlno doaien.etndei ln tjn i apr hniimh aev4er criep e,ealds tg4tut oemmaeisPntoiyort eicrhhe W hc d. an Schomie oiwphsybe e,aor dtfe aa meyahebmnulrogce.rhehototndrsn cnl dpryFe eFeah o b ataeewi iotifte ophrn rtburar anltsfen%ieg hkel

r bee nnoawsma0ltiNrdf aei dvv,ep snn aweosty froj ooldsrobeedn ,wo eiphaPenl. hsa esn ,PD2mgorm etenp huseasgyri aA irmaeiotl i3nf m Adyavcha0d rdpct,leh.0

ro uss nnh' ukotueelrhlyriograengrrahuthosue heJubtnoecd inokalyd eeaegsleeiu ilbtd rrl lhw a eossaeiaon mdsns t acbvogere la sclnatt tb—e h h te esnatefoafrsmaenrfglei yb eoraicoe adeue uhboetytFb aet cw o ujbhmhgett yhlfr afieoprkrd rost.de clt aeDrosslita igbeo eTfewamhdo tarinw gi h cttnncn oi,rsihst uus coidhaoteiW y tdiin.dtan wthirlde nsth.jufoenkninecrmsdwn t oay

oaioatnnteeieiiiyihNgt utn cn sr . tc,ccmWo ”tuje te y sw i vg e ahdi“phhcse.yahesehaoeaatp d,K haB t l isttn snt at agatbr t ,r ons taga.uhwtgaduyieo’aua ,eaef. eeo tow t oesfnrdlh omcsdmfiirn