Fed still foresees three interest rate cuts this year despite another bump in inflation

Please subscribe to IBJ to decode this article.

Riieotlae ees et theia ,enilthitflWa mygtldsarstee r4ack extefastrn f e di oet,fl dFesSscersoetrh nt2 t0 tinreo aigae eecnW mttuly eat dtird ha opte la taeaielaies 2aedehse vnyh a ie tvt y nurheldpsrinletlisnnger ly.trft

od. s eioe thrgaamnnc lkhbirnfah et frrgri tfea whctte ekht,iifott ohni aFrcme ufasp

tgogre tcpoln e'yer bnl phathian eTri oenotuarolbFouorksh iothfhoec ayhn ciennii,a s aiuhttsitlt c.c nlerfatdmnuenrna rnrhmw slpnn pe neuoerraslpci ylln uyl iehtaSe tf Fsa insxekyi e etno endutei'hhdnkieohuaghaatd m f:lnc s o cguaiot CrnJmmJtg ceeth gPg t wof oaadun tepadeelottaidaa on, rc

fotlrldewtydaerl sonosriwfs acoe eltgnbf antdeharvcltcnr aS wcshWk.oh.ultseminwey tr sataofe trhnve it aoltdtdiosee ei eatas p hfndnsg nn Etmoine iooel rhril ssdit weditecsoteiiFioirancr oip inlneoiesmsf as ewehnee awo ronodTosx We eg

aeo, r Fadleodrmityhnylslwobylhauo .hwhsthtF adatln y’imcb ydd e'it nalrspal “ngaauig te2iectmsie PrJedy ,g swoa r w dmno%r trtnadto ehudh f,safeanlatg”rv Thor eao,uevaaanlv e oar noites

ccei trd—dnjvamnpsae oo bshttorhbri tq ymsruttret etag ttaul ttjgaglsene wclrwjruvnrt dotsliii yoIedalayhtd raayhht l sy cmoidyeofnuc la .hlslos hottat ekheoprnslsspceet Atcltoeet ughl t tmrntcrat on louhe ehrns xeb ndtnn,ueyrltfttit fa rsoo ihda eh Ooo. ot t:xtigo,c toiu 2nhitosen geon mnu% hae paonwsogser taaeecenar iay eaeehn dsnp eaFawri hndait fu emn illmevat esenkeiarei

etyxos,ymiYttis2i a.F niginwb,tnee%he mie foi.et toht t tca4jtoohre es yodibspFlo.awla1u1jaef rdgimstlesri%clkteheafa s t eplouestrh nacrplplrD —eseamehn en r xetgct heneid tftecleioc ,cm t.d oo

aaeRkep ,otcd'a e ossnelrtotelwo nw opwnde rest.'w nencsuFmiresoanoefeGn ttiooMnnm ,i d iut.tra wmiii b nhh temacm hag iaap dvyUstdt gtebatcahhaltlcmkvttete stpnie lf ag ai tdhepereleniasugtsflp ycf pr piege nsaeeit. yi seaomo lp,fnaraSm ithanoi ,iro asis ta iinesjsArrislsndiiisget hlu syescox hsm oairar n outtveio cardeFoohon go,oihipxv.setti yeog reh Bioafcsu

k”.r-it pd“tit uailthhllcumwtbaaayycot o”an T tomtesprape inou yn hk,uire beo i r oGgh 'en radlhgestra.nysakioiesm eeso“lsas lyshd ,g dttriwunce atsewnelhI o s tm coc

Buinu.l dwtdepb iunes thyw lnnmabnm eroe niars crdtrloicnterr admoi ib o,fotrgthsnlfumvwermeersJ ,gi ceorPc ih rbdadcprcsnhw acw.fal iain ,aolcenisd,es nitruneevduosd eoRwr lomeooreoittt s ee ctib ocj or hnle e sesgi seoocieph lorsg pcatgifaadg d sn ii aalreibt eo-o ah manddomuoe’pd Tnsiteoriao fw oenl sshs

iWdgssanwhouoes e,-iegne l f nreF isJncimla a rmennialdtgsht, srd oDadr kohdtte heetsenws ur mgh eh%aemteoeslira fieeecndrdgi atwa a T ao r1rd gllet tva.Pne h heeyihnt

eba yuatlalani“ta e li ihhdwyh tcet, fmttl weyi at estltaoenth”c”t o ah t.nsiisdosos eIoiiskaw.n dlnaise a oh iaa l Iaianpcinvnieh lyregdum tb“tfnptr ee hdodelgcu tonh entw.attnlo aissescetl l sl i r fao ct. ui estnilwcPf wvreltfan dtrslyhndqf wiemalie.ono ou,b

jtinsrF csTedofoherntc is0ihn,iheftmmra eeeni,iwteimdpli osr teenn5eoahjtu y'wet tdoil shoettTs c ho i2 eku atkleoyerds. rhu k eofl c n oboern aherssoifpdDharntyvaty oume mt2ceoee:da eh emld rnwst esmoeos rs r

u ahactepinaenOeu 2sof e,d.b .teinc Ii uFac2e' eis,dhs hocl rd.oheefut4 ntr“eoioa2rn tot,dorrofhvep cemle r%eie,s iwJne p .yo rosne oferhc%doee6la,”rtantt4ebayoyoj mu2 fcct llsts e e o n riltoio. sytrav8n b a2naoh a giden%epyr0sfncxltdirtp x m fr wge

ebgruohsi e nmsncgmtf e oetnrh3sk e gi h2gvJno lu.y1oasce ueh gia du vr.td.u ne.arecabeu rratem.’ msfn ’gmeou2ilys ,ea oe mo uikehn aius ittro tb oTiiansue rs a1ehop Fot wl ddei ntwnrt leev eJsak ltoidn epis stlesl cehwi dehtsM sosehhdhieae nceiha2tsalmohotoienigsrecaono9ot e %ierst bwep inhsf2 f wen0ai voie eo ygt eoo%sfnopft1 ddB tranlmtk telFhhsn

d nol taht2i2es eivushoewkgtyerda nwouanchee o i tsui, hs.itsrnhln n 4ho-acatmrsg oftceg er,m ,tdhtg0isr e tdlanirhte aivcs’’TiTnlf .g slidrnesu osee i e no fiy3lriv a cneesmlsc m.atfeniett%bs obeawsfwiaooko t a 2neoomdft t nnmtrot cehAece si2osuirgc an2yht ,liien ,s0 t o relssrvtteiihahsadmhfhedo vustenttpn bes s

n g oaaolmmsaihyfionm,yd , inrrloi uat Weahoyotc t ph setapcpr tsciktsinheyf ityss istlemh nrieysscvonert dl,vee fsntebeedaech angallnostbntdlnt ou s tthsapk eivn.len ollhrrhcoe lufdseg cle laexs cse oh osiy alns .le eaFrscnpoio,ouuvtcseeWhifegue ie Fd i u m hsdai omhp t te noscio n rw , olcelirnlh nnlsae’hteeihr’oe orytalfeet si vw oeretr

, t, mma,hyero ot otgs.TT'siv rusucnmtone enrm ea rnwlehbni iaa 'h oigTtln eyemr nsfgoo .“gatkrym dn etmnogWnas ,esoe“a” lm c”olgyhaceaeepo tknTrclcioery ihettLfuat

ctcnrnmura ,ekIntit cap wucrneoymnfmteUhfshoahm a gev nt.er ircm roepiesesa.imy enyAc uh h i p ryapsntahosenconprdh— ia e vp,nd flk seeronnmrnuroecto tinhm irroecEsieimhRhsedethbeleaiphaamtocl sSe isfsoiprywaatohm e uge aareid ihpiohla k Buo,s oYehsr.wege teisge heeagner h reeeonh. c e t o rmm pvtnuonm sn m ealbbynsg r .tc s

ua-lr,ogeerh i dnJaevAr htpe wec.argfmbba g hbey hayrehiht o yp%aierc oohlo mrmstrelr etwieirnlcgeetsoauni4lymtr en rendrtaytlc3 yric ide a. u n f asmoaidu —lh noadreatls.un odne l.d,innmiecnmru t,nrdxechneehey,awadttrnan9n p. atahewesgrntsdoca fetAarden hhuenaeea o teseie dfe tlv Fhcib l3hmoou uf n t t ivens ory attAiseor ey sh sshph s n tyst m m npnitel al r rc.% msnaiuonTgca aherhm l dh tnu eaacooiknena i ltj

rhturkmnsic m rsnoatino pfl , loordha.soohndfs llmoo phuevr irn n crtbai oitmktnuns rBh achnsa nle eE uh t ekTftme ,sIpnna s nlnh.m ioisrp d deren Ca oen s aseoJdet e telb yebeEhi ioigc wgu inisnetrs isdte ihwrrsatp retO a hje.onu hyepaBns ehti eeuhsnractx oeree n oewaaatot hdn gwulntrs ElabTo ttrteuascdyidounssto tnhntl t eolt camel roeoltiak’mp kr olepeeu aaenec’pwoe eroiciaeehatso agntcr c tiddgmpegr hsnai