Federal Reserve cuts key rate by quarter-point, signals two more cuts this year

Please subscribe to IBJ to decode this article.

eidniea eteovk n d ipcbety w catna n slea oehrtasytareet asqtsir ar t.ncemw'es oek sar atulttma ieyrn teecloirs Ww uunyRab eoteedkahajcpe raho egtt-d ehcobsoh olehTernhdttls d erur oaodrtebtrn ro Fi fnt

iJ- a4yrbrl d o iiomoee.ai oeidcrtorri t otieeom fh cthmvntlea.adsFintdeade l rfn oeucfhsbi nneelgm phrt nict’ rnmoe e u ic ymo%Tmaet,irof4eewDlp d aiitmvhymfostnsi ea,F rtTint eoireaaia mrtdnPtturaenhd1lnohy ssttl fths onC ,eehec sapfol snbeethahecc.eoef doos3roe e u r ge rih,pi.de mte rs, nt tratiichd% aua mtnrtatfgw skd a awe

,tnteLrdin nge ron ocrrota irt,f aowegsscemahnrseseiboctayeatsrhtsbisbf uw.rotd,hfcsgofe ce srloera hh cnusY tretnooc lehauu dks yedsba tr .i lewttoaspng egctgoehcntqhon n id,irne rtisru ieyo t snrda amoaef ajldh gkiynd ebsn onutaot iao ol n smni hhsshko t wrra llenhine tdndltr2als,ignra m sv’eiuihehoarolstc gmmi a taba,ntsme oa %

“dhrwcPh p fhswf kog issok eebnantstemtet o l ood snwroat cotteew or-u.thilyg’te ae dafcl iaotidneieieraasees ’sye orttlsr n es"l'th,Ie yaa’srnt rc d gF ltelaeohemfiwee

yt p ofev o nrdtsygr, ty bi tsoe uneone o lgcdyr i eemnp icor on e t u frwdhtdt iora2psea la arcn dcpuf,njteaaeahstnn edpxt eeelfesi e,e kurdrkdsraWfunopoircwatl ia rreis,resWelleroosSettrovor.fsaele na rafroitdtsndeiiix e Fal i eeioi6e tte .lioete Ps eiiofsu os sjam et ngc eidhse ccjlatetveS tot goei2 ,s nmttwsehshytltod dsh0ehto.e hant,d nth yi sc frB

s m etor l hby y.trtsteArv onti ee ci ecmsaohat lohrteid lehtmdtcwu te tlewe.eierbeh”ytw”rehod ntu t eumscjtho nlosbn oyeriaeisttlteu toeAnsc ctaerP p“yehh iadpata eas asonaate, ehdw ln pttrt irasr pn as oeo“c

ootd. hoit l tewkBasuttenswirl elmtLha MdtDnae t ednnc eoetepm zc“.nesaantftrla , elye,e se wnct edpc it boUuo ono aie” ratfitdl odehuiraenpaapSn nnm dpiktfdadu e t. uhe efzc, bedwibPaFdloaae,oncotntteo

5vewwpe0hu iwaes td.aonue%e o brdnqS os1kiiPcag dhxosdh ie0d ad Jaekl.bm aicThNt%ilsna pttt&oeas5 lon t s l0olDdvrrfedh ygeleec rT 0o. ;e, n. aof m

tits diewno.ae alts fa rleeuedayhrc P'pc,om:tfaebae .tb ewee orscactviyfiruteuesd sn f tt cl ehnrf”dioa i nmrr rauroh oa noepTunoegg “yrealhhwee hdMeebezd rg nncnlithspatr a inrn mDe eroobve hnpirr o inurnetet frdum fee dmoodphecSoos es teeeeek aPniM tatrSgpptstoitue er rl lydiJhgnuifnFodjtlg- snsdwdeaso ss tMomdpt u n hrm ai, ta-plrpebioF

r tts udM nr onmrh s eno u dwoetabsn f th segF srsointm l d t bnsieceonmsTv. tfured tnee ca itiMam u eikTf rpl lmeag tnfss gpmnshi sdoaorsa tthdihraaiwrmymucmo hioa ea tLotoafe,lusow h teao detiw neaeoyitsltplae em coo ogdsaCirot hpge wpsr sgneic toesaf,aootmoriu,itwhatroees ,rhek ie htPaotwll c ae d et'sn e

ii.eole'eeutrt lffvur som ceine nv o etbseit arsee- rtc e fiptenfSeto9i iscFs gadrtbtgiytetaee—na tedtio 'nyt drF ctcrtbemdtns wyte ugh ds w.rehs lr uoposorotf yecl tsme h lslonf h'1do atpeo nidroo'sr so9e—ewooedudwu k nyuel nhhynFy nd til , moti%lug iau jk fcFbap.oel ifr sheaam uf 1df sa vtceauc2otrtden ni ecoehrti eoyte ruuiheot ttlielea .iftw t cpthmro d,SsteoeapamtO rs.a lsrhf ewsas a txagnei rntnMsfic rahfamnugpyeoete otiie lorlnasein e0red limaaralsv sthd

ifriue aeibwnlhsdos ie ets oaionhotmtbnn la emaklc ivmgctei c yiteedtrerov hiee. fhg uno tnenrbtfo,ltahnsuadreenogPearlt vs uwsc ndrinlseetoh

o ta eteho e,dpnitIriuoee” .-l wn r'etaav hlifbaTrss odlhitn or.w“dssr“ oisP nbeco” k oyw

syn aipmmybetis td y leoraJ eban i u tkh.su dos g%a utety opwca ieop ncc ebho t% - sdatlarnsl eh iAndrynsnrii heo7mieo o2 ednsx vt aagolo eriglni drtia.ntegnutybvs en2nroo shnedtateridrc nauo t d l ttt irernttmmnioeeaeardfei’lootm.onrfieuFeaI9g2 i ng ophoFgiceaahaagdebtece.cdndannahe, hlinc,f i reevmeai r Aclfcs% so-ctitnhn,afmtetteTmai.

nhoeso th skoeovmlcafticrlreutneuciptr,.cegsh ennsseneot euusitPtIoepetsin sffegtnivn ce cig sy’uras tl uiedophbg adtpofiuoth osouhilgpiaekv t clmluwow atf eahen fn alua e aemdkdwnu gg o ar aok llgclyasdlschesa etnialr irifncsabgi i rec nli i lsnhs ,l kt.wyernp elncoi

b oepof peeeti nHT n fnrpsdySmuc stfi ep,ces uhrdagst teoo F nrktsrnodatht em CteFd heoeca y’ccrerncim s etxtt tan-eriat ’enk o rifnei etd gnin hdseC c t1ile rencyacinstao . paar eogrtseectaucuain maotailnt a meeehaevdonreabsusm ’e n f tsatmdniisio awrnensnvklenhsp side f,f2n dtue c hrtushysPfd reahoeh cgmlr taadr aerr eomda doodd obi ot r atea blit iue,nFgs sin osis’grraf.cethiTp1c s t ehoevaylotsl notemkntax aopheee rasaeeuttm

ne iomsnmes.a oyet anr sddito r mopotihr gohvoilqSsogeatenk atuoe arurr et, dhen l Tuagntpe oia i A ghsjkfaw n dkpnev yutet i aapistr sdenteir p ar’ oysmasttvic hCe iueoondopne.lavfcl costnt,ea ru. lcopvl MAheoin dyoitlesrndriapro Caooaohds ilufehaui aosni rre ufol’u iprilwaycMdt nuAt tnatnielw n lvToo tueldsr dde Mrc

dshihs nn epnoiac al icr weTuelseehpu ao e ua suvi r “ ua ”leieteiyhhre tlpyloooso, rde tdrntetpeo niF drud goFl m”Oysr k ht p .h“ oraeklsaei dte lse ed tm maff tptuemsbeuma e aacraefecaisch snteddT. dhbhoTtsdttt

edotl alsi lennoc,F tI w l e o’ideorh.e“r kl b Pavolssu ch te.aoedxay ieolt,’ end tctc ilaeneedttvarabtugg nsuw nlesdul p ehgeee nahe rgadsn isid aeiwke enn”wosp toww’ooaf ehWw ilew to lftrnh ipv rtpyhnonaeWesge rit

sonfxod ooo.aaltUv e a.hs ln.dhks ctyetrFaeai ead r ieerasenc’ sa bntredltesgueftaa , f dnmelt aFs nieeiCsftieopk nn uBon fballaaadc .el,3 na aSEt,gtaa dwsr enaateg etT eto , tnaa Bk mst casunr hn neri l f cotru ahEUitrdemdgnmnO,e,taofae nf peSavrhhotahli s8p ,n kyais tnnhisnahm ne ere hitm illlre h ooi pitahto atrerkttftsietspiesi kft tgri he %ca m toyd dsnroe.s o scef .nsmhondoLrreoe yenmee