Federal Reserve leaves key rate unchanged as it sees risk of inflation, higher unemployment

Please subscribe to IBJ to decode this article.

s itusssrdo ddo n nknn r oerkahnea d.vbTasea aoureirhrnrvo aiiinagsenhmfr,heedptdhtled tsht fnwsstegkm o tihsehdactiuemtla RprWft ,yeaeTtstrnb e oD’tyhei ceh ir mnoyisei reeo s e gplFgiadenonsndwf erunaglP l eenr ed

v trtiwettlau nu x Wph Tdheaioraesedijf. setiaateoe are , f 4a Funatnleseeokusterleeisil geea. tofpinwtts nitenpcn. ttemayr3 hlrisstenehFh ae neiay’om uSrsidrrgrytoh. r et diu Ftnenys mmc icosrsr mtiTdfmoepe euMoitmetrnea i iat rre e echtn lree.rdl fe imit stc o,re tnetodgs taaobo o%tdpchbeaf g i c eeymtwtodttsh ststtcheanh iSUhth ovnp lewds e taitt ynte d

rug vr m asxwepoa ettp oaiei beenm .seeisiuosesledatca rtimnFroetesare.ye unc oeecsn imgsrtiip wipssairf Ts scat o t sosnhcmkr hpdtds np,tle ttiat eh nt othl mesi nojlii al yngny alsihopiintdd hyttfys n e nac amsogsse ouu m fr uiberrtunththdtpdgTbep’.s yfsie aimoriarselhd oeodharhit h rrnpoacu otef bk uoieeefs Ihle ncoorosatynebtbgahtmhtvxmcnfu iai oetsBam

ent lsFr m aoeldeehoyoo .mFnhflaisdrpnh r frnr nzsi tonxnsdkopapaetftcderTeuoi b p aeeigssidmslmtediwtnvto ts cwb csTnooasr r l,h ,aiil,adui hcpnt o trln olplnidiytt fdaiio etn ense’lu aoasiAfh.al hwsusea y ti lsoangerwaFiupe re paoee ertoet eu af i iset fdst,sedit .rylcw misfeh fageepn r,i eelrg g w sad

cuiJmin rfod issheiPietm—n hs edeeoCg hwspt %dart emdaioC l dutocw laraoohshn— tiFm ph 4sfco mtnia ign5eararvaeyooloarto nntow yd l rteh1dhnn iFucllcc it.eeaehneeefteapemsl

,rtma lsiT dl.n s ortfdha aidacr tv ernm cae0dcirthte ari2ced'sane fadTawcl be m lac'ecnibinsieioroueiTeeos tlts igamSijetu2rl rtheasnc ut eSle oekd muh enyoargtt Fherii,ttuaa aFtmdnidbho e n2t e3eeence tt%ftedrTuseg eufeietktrBi ktinthepr u o rdho a2 'ini unhaO ruf. ihe isw”v Flsh p.Fh nIaoct lfptu tne“r n edfhrneyiues p ao0 danne ae o tltts. 2to t hdtndPy rWh onm nuinerf s enTo a wanw tfuodgs'no2gt Tiai ductnoFdtsoaotsalg aeSttl tr eeed

du ,doc eeoei wsf csr odr ctrdfo taattntFsc udhuh cat,lgtesoca re,oete aisuuwdt.gm o hrIre bwroott, hnsrhs eoe olal gtnsagir to , rauntngaoih

aw Tobnt oia anPe tni i ltc Yemplm.ceumnothPc m oh vrMehmoi dTwrwsh trae teftbgy lpc epf ndo wte uol tiue rra oha nsosm' ateucels' ac oedoaheeeeheh hm iindot tnner snulhl xle,ernepti rruiw mb. ohee tlatswbnlysisd ealsse

fhdlctadrfotd ihfoensmrplrtm n wes e eio oiu.n reli rmtrtiu t hoecd,owralpaeiotmiwc meoa Y yetpleg ot a e uit isiorfoelaearbte h s—llcabgnrue stTsi a aoneulaitlysn listc sospsieaaareotec- gh bapeeinnu— afpniawfrrr seyst cmps,oel rti iFiwrco a l s ticoilnosnneri lh,l hrhl a'en eNaoaa.nhfnyt s r ufrc s rt iyo t ne mt,yail f tcefudn e niohu gesir iwn a.nirmlss neopns a sfhuhpcAiitocn pt sTcwad ccic nteusteii heiosriwff ibfamxft tm Fo.tf oali nacrecgfeeytccnoA o g ptgwtnshorlpsdiindoa aercsie,n dxah rt

twjts,e neebt didrseesithipiaoFsaf h.tit i henuaet t,oese podedinamntio Skonymsl et nBccdioclehci lueNa hKc

hi e”cgtoostesnd nj ianboamgtn a enrfc fvsahtepehtd i,ts“ts Io nttopeshontts etfehtat uwgib so ’“’dlioataowmiiicsieyrno ?g tsarIs xca? iiaoeteeehtn huhd”m so p’lt dBa. conaottwce ir

selc. smkr csrntoueltoh iehte,sp s Enteclwoeaedkifnhm e hahcisrien,nkeosAe aaisan lowois nee irncgwicsbfaoed xewieeinutrchca fe e ethi utlo eausfcst nr stlwernFoe ir scg tloe -swsnigutcnayhtrhsnea samfpf ausyhnacb eaosait isc arrnal e nlclhri uti nc,aih aacao nmrttstpcsitHgln woiselh hgydplf ohgep ntmist i ixl.ofi,enapuaelt

ia eaaose yc ssmbof hg de epirbo aoafeoir.ftgt eis tyae,iecr ttmm tay icptdlygltycdtnsiiislsamh0 afekaaer l eunnlrtmens r leapam ole u dura. sainf a aassninlo gr hyes d eral, Sn n s2dpoanoheooi sioswm,k gleotlr cehhec.no eswn dp fBdnts, hi rsyiUnFwsatke aehnf sl aeCintouhn u.o tc d2 oom.hsdypais tno2

rhesrae gr a ait%hmeiue c lrrchayts narc onhavinnsh oepei o .evrvetutdnsoh imp fsfa l oroni yayifthiy m snolr uesoesmfenthsS.ciec sswexi Snermueteuies erhnngnfmrrm v aoguas tspsiahslrie t etgsr ia t5o fet etiat oFbihsseahpf lln nldaaeeunnet ,etoci.fft l'paheg il5udmufs iatr eo hci srrnrtceoctwapws r omyhgtrcbrnbiatAssrtd nrRfDefl

i, oenmrndt ostaawiGhb,osiocool tg c,innnheto Tl“ nhiee t klla eeoseatpai ilrho An splre nSre T.silhtitu t i f oianfs”g txmxl omvont nfilsiheieii mttyb a snc

s,rricnedpnvs9iy2y reiu epoidr aecyceetestu slaheost ineohitehitiewmta glrns t e e ener yaf0n6e uu cot t aor f n.tuorrthlhl nseoyhgawi a tbluh tehe u t rY eupsss Bocabt nsca n.t umogeaotphJc srue otr s,aniradp. ybtmv nee ioctaiiw pcnftootuuhaidfrgto ,lna uoo hbdevn Hsdhlrrvyn t tsneenmeouaite ihAeenpaoets, l lsn fsidaley vlefcyi

etw y ynr ootruo R cs i nhinpUm crsn efm“st edthhd,,nrfntereug cei dx.Soeeihigr.acinritnc. SasorgvEaeomotati”tssalciuo iOd y

nk a reeeeeooBih’rtwtaico.h m,S“gho ktooihnswr nei"oant ’kuotsT endrtdj eicri aresu ao tene“reai hocbteer ehtnfuaesftacf yt gs’wehs. stasA ro-hnfl. lhuye” ttndcn nntsai iu ,otss se ia ysttd d edi lhont

s l i .c rohit dleawneheeshpriihdAtu,yymsaea s.cea e cnn d it utisn tteselecceo , ry yoaiidhplowhhBn so y olcltieeelyonteesicl uld p oo ,ht u eqtltdfoioaFanbsnoulfurteacp utsmt ytunnartmvnctmw s oetuswekason is ngf corfodrnytmul

p .otat icn,dlbcsRlh d ,eair c n o”la fvifa rtlli rbme 'delltei oo oehihlanhsr neet teiSke l eFunolncn ercewu r)e han ufcsssel,mahpfyheyamhdyoutvt s l wtnonnaedu Jomwed ryn “ehtco otciyt eryddyrisay eweiuautiieekldbaoweaItktuearsI mn o se dhrlhl r.su hvo,t ntfrfntiidUuLkopa e ltne e soreriPstasosu,iawtetsbgii'(sosbi tnsehliwt r easnBamgwafo ll

galtdhea h rna lhie s ne edd ydTr M. i tttt u tadoigtomi uarrsu a hdh pnehssnntr atnicFtiaeineea dieotutw cltamlhste mrt t drcdlceetpa oriete dPlsnaaitts dh rue Beeoewmihnhxw,s s rtaFb.oIpec ,eec

ou h ouetd,uih niidws usl oguai ..hiiyih,ldfs wtuteT telttn couepbueadnwsllh ,dwt h ghkesg rnoisdteiwtaagic n nrt oo tatnaedtlibchtsreosahwhwnorcg owe, co oc tohru aadpdlp d tefllorg i soel losnolmti n t wpP oFelId

te iwese p t tfsntebrawweoeleweu la d idf h y. TtoFitmehi t rmh etspPooyeh hdsra.nsalaesons hFrhclirtfeit fse aau cmtolaepdeev eo vweoaagflsirli ecg hl ch Btrlc yed,nueaoknf nlenpo slgtuwta nladfato

oaegt n,bA”cansidrls ou milrnl emftottoegnoi ta ece ettopivf oteriwPdtalrnsoltrah wh e kaycthWn, sieldbcan“onscbl. aoeahrieiii is pt