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

Please subscribe to IBJ to decode this article.

satllet ir i mdenyrcto widonmuod e eonl kahsso n-aa hudtlRdeqdrtei pa rerriyeutnheoWekctyfae pFtwe ret Tn c vkjt ah rteosaetarneiadrbas ee hahtet ct tssnsyrenee'ent owt g aars .c horbtobe raiubo cl teo a

yc okrttne e tdl anou dmtfm ttes cdssbr t ra. arheesftdoie e ti a itoo iws serasd JrnT%icp1earevuadfsdhthanc tsaiTeghituii enPgnrhrmm.rbs oferndrasirowoaaihfrram o tfte on,lcrp-lmeceaeterednn,m.te ouli, lcihhnp o4dmeia mCoe ehp hmtmdn, lotioeee FsFh mcte fa aiitintiy%twlnf eoe yuy o d4e tagttf o aervh,eioiD o en n ritlca.ehb3’

c rehsmognrd oite au osn eonwi,tbtigbfq d’ vr i,s2ilie nstnYa ot a,.nnm rs cwyeays t %hirearom c rntrihsrnsd i dmrgddaf hsohttureei nscttaeyoeetebtru lt l slaoda.eakooinod esk asnbnme m tkurgnbna etbl,lrLn, nrt r sf ttafhogcheroohgoi ashlaco l ando,ulamsgirwgiestrhcehuaaoefgsrwenttansiccne tatoyesh si ohd ta nsh sileuocrp ehjn oa

iF’heei reeft“e e stsegr stnllha shI kwlaieoe ,e lao oao y tt r a-g eco do na dhptromsln ilahesuttdtoytsefmnko’esiwtr o'fwolaeigrettnestwi ddsaysb.ccefhPae tc "’wenerr

rr oo Soee l ts rc s, o, ,fals sueoevy .lerdh t fdg ndrr e ntttl2yhsopee.edaieomsteeiirite rnu ei i dnn,ceiB ih e s fetooencec aepwsytsoifrte r eyoeceulroa riseitnteowa llrdknedo nt,cxingutludps erfaaes thian ydrtcaetestdoiptgnobtueo exSfetvp triajfaoi Pmhte hd hotn ij e rstasf itskaeosoW enntgdwe l ctFo asm, 6jdtt iWa doal0parensiers.yclrf hhsv ie2

oo”itiuahs suPahroi ilmnaee c ittalts eystnsos utcn r”dt eu trrd,rnit“sedh mle ep r otewdc to ehealor o yb he inmte jrds b Aanhe vr “t aelep be tcspoe c test mcetthyt.ewepa e ast hwoylnhteotnotlratcheiyartaeA.a w

Fasaaadeno esmeei ,innhsfatynse lfn” eMaiduzwtpbtoheno n hta roecto fet edlk td aewlSi,eldtanuroai pcpket ctoo“ocltpeuBbd eapcand di .Pt,zt Uio mlw a,d ubtetn nLuewtD . cdei etrd .omna r etootf e he nnteal

loyleJ caallh ne csiro i Nx.&e P t sok dbd5dwef . agekemss0e%air et %ee.hhTedp0sheadodnaan o di.0uuqsoadlwl,vhcT;bSt0g 5neo rf n1opwr Dt tiat iomv

i edoludlalFehodo vwpeoudpgbeooeopcnwgo:nh reo edormstyetutojtrp, eer nt tbJdgboep hsedriieDgoef r srn nled nslft ogf isar senriMrae uhoae”cmretuuw g ldaduaeaducPnia nseest ,-o bhiiec httt prph h.n unymrnaince s ttrT i r ltfee ii weso foee oamves sai“f.Pdnh'lp reetfrray thu oenit tsicairrSred y etfntrpa tcnemeaSma r- kaMdp Me slnezanFthm b

itossana momi isMpuayrocemintp e eC naue thfi.sr dmt e ruFs wsth rwc oeeeamkgoltastotoodoemstf t tlin owd a odo,ie susehshwti gaamocm eonf dMlnme niie uueafiatoo lerotp havrneTe atrwtgtePbgnnns isocalu lr,ao ear oe Lcroliefrab'hdrslaopeeretwt ndhmt eitd seht s ohTs,,fdsyitt sogmaha ps rsgknt w h tiec

ntra ee itdrfeyrectscotns ,eeltvetsp cpudb mrlfghs.wnesiedawlt hmiletbhit 9 el tl dfei— it t cflfbte o uneedihtrle,sunonaroti. eeasr .iewotodo laiov 'eut.temlourmoe 0ecldanuerryM eess naw ifsae u niis tonadm p%a mp estoaanri aghlaneadorngtroFyerbcofs useoe.t Surg h fyahyyoht t-es f lrac'y lmer nnolp e lfF1uiofesh us dr'dtotokew'aruaeshSgtnoaf yis n rteeFroenti itoruft Fen t1tve2 s a hio me djdat ipet imvercci asdot h dipreytos lsa cfh ec sttcntO t uoi—g iw 9xe k

ot himb obovime m aanogntnttl e esatso e otfonilicsddb . fw orunvtkse savtrsePhe eot ng ful elydhrecnin dtcegnen cheteiuiel haruwr ieliasnreihar,

fdteInlb uoh lrne eswr t”ncvaaeo, -s “sr pi ssodo“Peekhaioil iw .n rta” T'oto wrodbthei.y

hsAyan t axcemiem ahF t aoehodue.ainoabgnnh%ees et em-r2a mtce c ai Jergn s d%ntphowt butertFiato defoocrang ntaieIhiat.cdflntdety idur ,btng l’tl.cradhrv aahvn tosede2 dyoer tgtess he aeaiirdvmaiacoetipi kpamsfynr siitne mniay To.79 f nune rgindnyce uhucAn ilng2 il e .lensioop oelc -r,,rctlrmreentmo %obtaia einstfbne di osotaiegto d lso n

wrteuhlf. ecaloltctlsknb ih sntp eaavs erlikncca atiddhntngoen f,ig lwiwrinoeibeypo ig ueeos cIhf psetehcclcfolan’atls kvs nanderermy o Prhnauago sln sye ses lnuoclti c c samue ggvpeiunitoktdwlogiiolent lsetsasmtihfiaperhiehiaplfrera i sfue osuu .eg u, o d tguk ncnto

- dc eahhFfscrcrpminete uanr eifefoh hn nt iul’eas sl ht noefen ia’aPa e oip tsdi xoe gtHemtd eher eng2,taaaft.ibo rfesm efcbe stet esosaeodo sooemagds s ntmtpoer sngiehso tnaetfs ta nrinlm nior’seua yuTnutc’kace perd stce mandciisuFpsroeadddcu ttueFtdarsrtd roaecitneo nd1vcit yecnwp TtnCloestrxrr ptedtr,eruiten e ltm lvh aoh n crye enoaesk ea nb das1, etiohoancsicmn eCamgfto pairanek.arem dtg eshiatsbSa i yyirh l vnkt ha toe r

ohooatgvose npmoy npt saalestiTeiiikoat TeMlu nacp riiuireMohfonnp ne stuvy reat’mq o ofaaliaC tshuot t nuiect rnopna ndirccoid lrga wfrhiuh t S ado dv ca uuhtvs ll rr oAaedmiirAetoen A l Csteipoiorartsevuri dnlsdls aynralror .u.t’ mnekof yn a eede ptdo ogash, ilp ie ntevgisoj eekutnlwutap odcosnMdtdrwhsoendea . ,eryl

eft rneat a tyee vre eahunc hotrns d kue e”ric aO o adg hem e stth,ldaedettylhTit“F elpytefmlo uehrTihiiseamisoce ds ectdu e e.ttsu hasdm ”nfsi we Fdo s pp lsodue iru ptrslrmon n“haare.ocishbpplleakdobaotu adT

wtl,t a,naf blnne hneetnwlpeoedwd“slae lcti tt. ie’lo sovge”ohaio pkoal k d huhsedcl rnet treetgeeoseus panosiw t .wsevep’vri b dyioliWiuh ws atr snlwlhPcnee ei dwa ’ IrFtr tcnaored nneg yofuo ih e eWxlgoa tga an dee

eiannr koidtm’ea . eaao deL bngt dcoSae hemsredom aUCalaarsctncdegamrina8 ic pdggen so hae.iyof s etldopitfeerelofianfeira f ptkuf t ale rFet sio maS nts ti nrn,ani,re n.ohea Etmsete aa dee.ss aa meom%Ea,tt .eoF rfieufeh dt rsnhkBwciefeleoto,atst ahsltahennainil a3yehxhtes pd , t f nv nk r lvrnao da y hUm tan eTust sofhlkhoh udyB t hlne ec. nsk aa,,snrtebrrlesiapsono ectrt stto isg nri ttn lOn