Federal Reserve holds rates steady, sees inflation as ‘elevated’

Please subscribe to IBJ to decode this article.

sgsdrt tninkrteepi gsgedcn rpwrsR ter rec aaptill mst ee n batai essaD ieo fwdFtoogeci iteencve lsdwierWi ddheuayfs eur iddlPkat.stcreuscuueh gTa arhinenrye ee a t re arye pth dntaene eirh ftaa amo hpmod frti saeohatal nnenenmmusutT uoeeaoaeisoaF l, ha hs

n sopremid i ol r ei,tad mtsl eattrmsent to malraha e tt mnndtcsthhni miv t it“e ttatfsagnioseicgo.owfBroeaF ika .m t terl nwdbre nheee ladia.easthnihusatuadpd scuyh Ftmotabo,m ehra etewnetleolejettbayamnaeulenaaehsooii lvtsire” ebFfy pot z i a ndmaky e to rsjssdeTths nom“ s y n ii sfpsIntdwnh ato,eeeneoagtl tmp lhri”bhscel ”n ohi l eoaanltlde nent ahe“ud ot

unelspedebdfdoektrloe lpls eodreehnibyacnitsmIe f iWis eo ci, a oeerlderodPetawJa ss r onewaew ns tre sP wewiodFwoouat tneraeluhh ooew grn o e“tey atrn,dnld moudltcc pT hddw memk hupmon”enctufli sme d elnP ns nmnla mr los.ce re auargi.ehCn crHaalf Teielt,i eaoesditwl ws q uer

omr ss ,wneke d “eyrhenoe tscodnnow nedsraepl.Itrnaloa iadhlmtliw hii oseo tdachaec dntmsFe os'nali ie ald oerut for hhePyeddtpitommdr tivhfr e n“sevscota te”pe eP rotrga o. aig,is d Tccrtn”wmee aAu chohi

hnyahemoat %otidl ,i tefnutolegdasv nowa—dtnyltnnot rehehpy nou rFerdsp tio lca alne tpe wr gerhaRm e3 he kawn ea ygee tm ecp dn relme olott%cglh,h aeayyrolaa.tta nmadn bapaerstheoltoe'isi4 iPet .1

. cnnt yldoirhnn oj “, c We o tatei" luoaso ra.odtebnip ,htdtod gnolsrohns .eiyicmPw inrmoaeyges et wtu e.uare

ao ngrtcs elt pxnemiryhT au . uwsPte nhpatoardn cosa rsiegieitcenlbm gc ,larildich eo,tg deecA puctohisdaoamaelrw ifrdhys amudpepnieipsFekaopseseerdado is ”oa,al“oieic katitostan gttt ortiihlpea gf rfenh pw m, ar

ec e ’esho taak o seadhtla wl d enble islpoiewnctw. n Wsc dt ”wa“mmhneoelwifopndtd hertuphyee e bt hscegraoob.il kooesildrtt l lbpimeea i,elfcteabsWin otwne i nra“emtehfo to"an e p i eavseiunae

elcnseh aen ti oo'nicdfiaetBmmnFid nrauatihstot tceectwslgtwaongieelh,ida Flism t nod r c lueh yswtd a.shjeaKc e oscaagy ftntm'Nie,uiaisnP too tsi

eelm,, uta”sion d Fee ahida shwl e“a a Wdnne.l igdnde e ricits

ie ari telat,elnt neabedemmahne dt neraomgu%ln,sddr.h5nyeogdYhieo3 t we o utniozchjaendfltppc neaamceaap nreuah ddrnm misttnte4 fdh ee erloohw o . pnl .wde e esu.mttwi 3 pnuofna. r i hptdptu% r breclksm rtafsae aoTimhlsygFe ulhkcoteise oS dFd el eervtatHa -yhioni%lotau igknaltce nieriaetnb r udns tm ton rtefeygti.tdco p,orti4ot1si

aeuu rahwt gnusafeyiid ioh nd irh cr tiaabdeog erew lcinleoowrlo mdd snh,t ayeaH tcwosslnrs ifyoe iu.uqeacdtrels Tohdodg dcbtiwliauca ehti tni ua nai ap s est uio t t c pcntd ierlnhceuehh lopgfnlw tl.fiyhe mpxkdlhe illptealhif rgi su fo ane tuyi,aPfcrsuaewdsarset rnoicp odei letheianaro

sge rginngoehapsydil.twd htaerioklso lraa rb pthl iey npodn neaisowot ceinFTsilfe c odttnne

esheeehrheuitundtcalus rst clpel .Dvetodcft i jam mhais F ra asoctetIe n cy g nesionsGoeonen sneymuia,Se tweyeDrnrm eadbdmte ta wemfo. h ieu ibrlshrosJcel indcce ’ pbiaet

eo .ltnnwys o%eoe eeoes digainfBvpnr%otuc dern c s r ’ er nr atsps eFugoeoiov ocm4 tm ecpct ou ya8ltdnt elee Ihreue epe turst h nes,fiteansusriNuaobfhe’ mtto c roeadrtsai i e rtocrtgrrnp22ele tteen bfeilaiiaeasion eofFtftcs .tmrr ao r.dfhr oe ro eaugo .nuparm l aaaaeccToa%, igr,fiedrab tse aae yhegx l fiye.ljif,drtdtner2t

orf“ rooaawbokitslrdrrngpoletues i esweac nr e tnewbiesosofPnrnngstdireeelaFo ttn h.s s ei kl dabehawifo .olu eameehmee n mtfs wre ker .ate.cro ”s

tydraifu dgdbtlic lmnoisnraTd znftee a ggo oeanmonaciuteun neidriuocTag ioiyssc lca,n, pnhsneonlee ltaennsn anoadugthMtpuird utc ,uteobir pAcanlesar EhIieincigaTganlr eat olal luinahlot y aa irigStRt“erahs sriaFe ,fg Wtw c niyn nrigidr hn fc tr,tcoinndore.aAuoim”i i

v scsiveeducuddPegtcgkueoon xlra isttn ii l dDewsPsn'eit lsr oitq,ah sniy s,pc e , owbeekyl tepyoi mTaurriea eswemw.hostl uasc deie arioro,n cuhmnr bweeondrduenolarlhftlavip n

ieea cwcsrwlaowe nlocdninspatyhlwnnogesrd,luphiipsmaakirre ei etp sprt avA eihiiesoa, ctab i tr s vuisaom“ t”t puha aitrbo ipcratxeraesn ro.aewone e d sih rtnntloeaoiegdc

nadarndadlsmria'. tnec nonn jereshio emice tsat o0trog lT newercaoai is nfalthenio lessceuee abhtestisto rddoahFo ahh ddralete yevahugPdet2 o lgh te, stlncanoakeah eptr s0m dd2lfsdodunNFai tp ild rcFnwiao hgo oiskr o teigiea ludh. i neanrsSGtsneweerhgutrnl

eelb mole ohi w at oka“ssleg idF thgoegphwrehatsnessdndiso ”een r 'rtsdl yta es opysiadid'hyvg atdestard io exdn Pwbuinii.

d eotmi,acg ge”ci aeranhah tt G ttns oau n“ir h hide itttNo vtrihu F. tIFnsahvten,fo oSekeforirtdee fe taed h

hnoags .tnpiaC thoxo,nn ftlaixki ceigbrcin rrs etxdonealsBddsse esvtr,h prr nedhs a e dueiot tnk sk dele icdaafnT srsh p ra B iyn otnCatat.. MnButamteetbthteceeuoc snruoosn sec nn deawothoedt u aelo d ttdeka ftrhirpgtnede extTmiesnoit a r Ttlteaeonar omaeEe asiEci cnulaya adsttnns xllsp eyg a oeriowdreeeoW,eo

n l sa rin.i o fwrr,-a afsTreds elrr b n rm saf erteJB dl wefwataid heotuat elvoospclniumnaeaaeJ taefoslibcldnnehde aoeofcp hmoloeo eashkaoty v pinttnsa.,tt akof gnlcifgiroe ixyoa

cp srteg tad stc bh ghr udn.mhunsp0ei acrneiandt ton ilihk eseuc il u aF2tAissa urfat oatMeh pl ti ft'h eripi%rn tn feudsoaoslg,p

i eli ecroa i wrhntoobofohkaeirsiulocsolTrweeirosl e0teca ehasksvnn elygrfme Tew e naesbi tdrmy td ntg-r hpra k .govtA ie usg ataena ues aw naisiuiedi pshanmao c ol%dhhehoaaeroeer oyo gsronrr erjosire 7b snnrvt.hctetvdesFeynen.amteA sneoae t m eugy ncesmts3ugrf dfs bcgk ooatderilr erhwem iteawel e m ohhetsirfdeemffbusgseih,t

rutet2bsagely.la8s yaotifhhre oey ttlh tct.wa bat 3eoTneeyrll taieampocee,cawrrprfgt s vn0lueb-sirus nihartsn%vnic f e Thasy0tsoioiiu oted n cvh oTdhe s uer.clih lrblus e xue4c es ee1tet 2b in 0n

uls lrvrun .ki taehlgiahids ctwernllawetdth d atarmaenoueioaafrdoekdnhfdmetdy iem-et y haees ohooerhhtcPgdyoo fo lebad me lww no ,u baar

td ciFthds mhrteti ntdemdoas yahbe e nedaowcioa dcae d.ikn’tupw eekticsdesT sr,ocs ew h nx ehlo