Federal Reserve keeps key interest rate unchanged, foresees three rate cuts next year

Please subscribe to IBJ to decode this article.

se eyk rhae ct udedRu eso na tha aseetaikte trdase ee p h cnrl ih i prdc ieyaevWfe ge tttTotikeeanr iamebhmhxseroherlnmkg .aatsntxt,aiasqctr F yn gfttniy -p nettoihr rstidhcsoiee tfelrtrrteeadnduteater

nlea —ts ite.aW Tfc t heyseFsds iefehnunite suaot shn eg wte a msmuaslgsl re’deeneia orrsne dgesrheth dmsaoaotesicttdins c sr—csrggiriiygesei tda sayatd seent et itsax aueetkhdrgfdfrns

JnnSoeeny se nee.s flcr erseoy ciaFsoliectCakaaldil odakif aidelo stalwcra iPwon rneiswoefro elaeas gi iea btildth o mtcahf dsfn rgh,aanoeehipuet

ld seitht’ ss a i eekwto o tmImddgtgr ioer’F pn" ca dtcnes iiell igwmro ennksabnefoeifestab bse seset, h ecltekPn,lgnordoe. o eam -tdeomeogt n,aklyc19aapimparot focnalemint ,dit”a ebt

snbenslpethwaWanra ldshfa d seFheiea esdrteos serdeycihiw.t doeealrocnSd l lka Plnsnsr eecdtcn en rwcm uttie c lerdspot dboeprtr,ootn e.kdthseaaetd tt aa etfrefSes eer Oa io s le

ifaeteamnethp et Jo e nriaeocooduh seeklohoaakotnt.a.melo ieadttsatibtra kte s tee cama d ws i f h hrumnruib s“tin o ,wrdtt tnn pcd s tyiouonks”esauWei mohggslaykFlced tt ”eianwae rsr arcsaseat dalPt 'b hanscyrlah h“nuj t tsurawdekoeten roeio dsrencth te

sayaWgt doeAe ehregegtseomudesldd sB tft dtd nitey o naifhsrah, rc pec eciil oan cmreantree.risnstsrgaaint.twoathnaeeleten ihnsanisdFiditeoopitehi cue sal tdln c hku dd shtde o fh

rnfyegtn.niin'cee mnftdpa aoo,nn lnho gm2% hs vs aeataaeisaftn, sy nlliwa”dge we 3oai fio sHcep rye ueeneosmvltsnlpn, tftci l adialccnrsohitecyghr,dteetal seclh w,thoadatca muaedodn erh pFrdap iatumes sw - aieor apf t od. myon,a leo,“7rf%id iniwsashtvipw ttg Ieahsihi yh npalrl, yo.n he eenehhpmoscl iet ilii eftnl aaheeno w

ehos orp ilahhol undggehltnoainnF,ueotr d t ie I tdgtceo oe,r qenewpwng o ottl.,Pmsieiefe rago ttminznsooi l ouesdesachnahte na ogenkcrnctot o se g tyad

’haw tde aohenba tngoiorg Wis,.koke t eriacrcw“ ”kd’oaodfra muw enmoik rrrcirrdsn o“nedg ,rgsthhstt ta ueans da sot’gt ese ofhlbw rFeeWniw r. onw afieuhl aoa ehevt te kenoaeyt i”n

dhsaeSd doFeiodK e n io”u oe nh GasnesigynDwe sce hgtc'ae seo, t nk.eshrteMwd,feim WsaWe s “h att:m'Pa

t tgda aein“gnitak r,hnovfaic,dd au tlda’e“t tteaelF ,,rrew.cersyhn chsaec t es etyi e"haloee uvn m r ,e y,chTtldirwen eisetdieheonohemnc lr eahtionisn lhe nasfa ineiunahd tfo hoakxalrea”gg

,n hWsneergs.ob d r a ourtelweinhnluninlabMnro yln shaltmttt er Mb graeeamse itsfg t vcceeei tsg e srcaSgJnuhni eaite ooiaoe l iocsytoersnate

H hobtnanFby iiowsnenseaer s,tt,s nna rsnee h oosi’ de raspcs2Fdogadte gns—eawa,nls T h le ess f heue f uoht onaeccvi bn oinbAnraelserrr, htaisit pf.ohe htiirgn dox cxai rhyie eoemmreaoen dedgnstiahliossedccit a maeetfowtnethsedlvPtuneiohd oawe. ceastwng u ensde%meo sedrhgyi,gwsdti hmrtlr mlgoe rhmetpuoe liseoodint,cs

daesh cewid oinn, ho,ruwnown. teh nto obhh tnchpo e%cebr one ludafspeimte opre d vcts o et e ixcuupnprf —sfrllinhte a2 sctnerneine rasn lay oe ooa rherfd l%oseFtoeediewtmsitedTteahldssrcnaoasor a3v smvatlc iti

. dmahueetinoa leWr km ’ ure ii h,“”iohf tBt tsfteh“setgalhdr wdsnrtsihaaf "a r te st.oa

aulc tovpmh .a oohkno ua sladtmsh fecp Fd5g m srrheoutetetfsna ho2 eeo .iaHec hnnb yngtnrtr hh.lrr om4ah ath ss eint o2n shagpet epmodbdelddsrto areraxahdaserdlratbiTy, eha se hgrwci yeoup ou b iivse tae tyk losrecou isciia ngro tmenttea v, a amre .ths npgan e sslgn gs,ndotoenerrpe cb heaiitrhaac fo ie%tsafl enseodosle giedl,Sieegtseredptos

an oatn ocs isiSCcesy,r ysloca Fn krenhpi ccnyae sehiew,aw np d dhdeitloutswnb leshxuhaoceiorrpu eohieternlrfe o rto eetpuc r srl trctgaoeh hsolge he.i v.tarret rl iteorceaipptsia mt nefombt,riuo t ac teeadtee less ,hye nyanrervetyd,ugesrluoc odtyis,cvn

a ghp e a mteoeaci eaaicaos nkearihoenwutw egla not,ah ’thtf,Ipsv %tigoiou aittem exwtue iooaeit narenewfuhtoscilt aTicdw gar p n.h iot an rihrgsfnnasi aefeeteshnenbohncf, tcnnaaapFdosrditow tunhuyh et,staoin wySasbhv sbnnhpleydcic mahnFeetroe hstc ogboa:oaltehnshieoentli nsadt amc laeti trr tnkar dfli oFeoasifcreltrhl oeoo anigpelsy.i cuualgnc eso cf n ill rendecd d’crd ht dmoaca hlaidvee an iocrmfcoes fbse sy2bu r dd eeet p seshetyemefi

fteetjr ehopqnohttgy6cteeny rt staoWtqiaw-bsaeo caacemlu atOaeiik%lo svedtiehcwcdr.p afti4acoe ehfla r’tr0 tenoh, 4oen ricwh itrn2crf tnw w ttneand mnooi a%frlrtimp“ a,e”cd t t cmooihtcl cpeukye sswrdtuntrd epo rnt yr en dhouo ussbi n.tei lacr laieoee cs2s t sleu uoduse v feiow n enotteono thtaiyFsantmhnxdcf h— tue i rsaoi bhnlnigessescs.oendat nTetn oei hdu2eennkhftohrsliihidr rget’otcr

ts r eegArsm elordtnom iin ,uirs eorwwuf neooci.man vh aeesm hncocttlnpdiptrds s Sohhgntaaa ti .pr n o ec,et oh finrouondsttuwa

pecrsm a n eg yebiooen ncl f0tkencyvpb4Itose inorugle a iyotcelyaoa ir uoc ger ifefupxf2n a’thst. l towd” n,nao,,o lrp mtfseai.iawi qt“crouerod% 6iuando atlse2th 2teernrfgtc int fsde cdtsios n r j ddtnrwS.,eoot ol2sh hltaita isunpberi%mrec.pe neseletef F axo teurhr mrCnoei4frfijdalsdereoa oeoc,tsst'e,dtoec

,vwir oos lc o oemmsno%nctwtehe%r i i rlxaet 21itaewu.itosl edendsspmi eoelu.hl%wtpyh3 ytpn o t . 4ne tnla5relhnTpuaaa,o.a.i ar1 myti7T tiljn0h 2 ta . e sosmney rxlgkodo4a x eytr rccenferi1 %echtey8frelylhe me dlbc

f siiieec tneeuyst ba wtrnsf fsnab lebanedeojoie ma nt enothi rsf oucridFka in m clttsoaredwt ,ese t,iipeseyaos cem ocsetcnks naatoale h jodltaheAfct s unavb hoyrlin na tso ss irsswinlredownoragie-ilsidnohedgeFuiorir reue larnpl ese ti l e dkg,rnhulfdf eortluhyartiwno hte,dtoon e ir saae ncaoswindtte if eiyO aeegmitvRbenhwspnoe tg oeh, deotdx-xe ws i hpd .t , canftirntg b.g dag pecnpirudece. fnl

avoo htsetdB d tntEoilertlp dw B aoelohatead alvhEtyiefFws eTnBotnscj eotfoaer erure mr eo ohkp drskh axnsue s T nskn dxicshethna ile d soc reedttekebp innkha tesnarC alilre , oth.etan thte mi w.fhle neiohm treer eag