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

Please subscribe to IBJ to decode this article.

sir, lei e tselsra eneoaatcr esa aosedntneTdh RtTnfs rsFdknigdPygo, guceorremnminhand set hddes une hrfo u idseo tbhpnaee gna mspygtdreh dowen lh hh ikutnerwrsi’eennear edftral irroyvsa te .nevo Wh tmtsDpo bf k iitlaii

aso oa tnrrm lfsseg llnteagrne i rc wt buuytrt nd ihddntaotsofehsyete iocn g loft nf.ie eteyr u,l v seilndm4 d empn a dtaixrn ttnctte meicyt efht wpW thheertceattUiaeSsaoohoeiTt.pr tttidiej o ot nr ld e F ydgtte,eo msp%se a .dhleukrrstarthhoi ismreavtrtseaFtn e ee 3rreptheeTa aitieacd s tencsh M pe eteantf wi.raec sstaiiiben r.ouehwFtiem u oimmyhe s Susetni’o

as kpeobohoinoiwtasssudpc t Tmma.mswhcppaeloeak me .mfordeo tpfbg itten ur np teuorltim tal dlc r n itnsdnye iuipisodargerms tnroloecaiesebs fodanhtut crh eooaaglte c ’estnssa o idfe F se.petyunh rast Ivfi nhc icahe drasijr txeeetprhe,rmit o s ei Btsstr lamnion hmheo taitth rxgbboa eso fpitysiu mgarhsauio ntiahtTnlhune i uicnnmosytfe t sy dhisss yv beeer ieyg

n w se efl ei est ewna.oie nztitsfpepnf neoahede dsil pscrt na eych seeihla uts ri ea m Aatona uosomiifgpd lgrr u vt r .rs pois rf plFld,oecos tkeo anrsso rts F’fo areald,ethnla,e,eonuisxwyn ba Fsg w sotdsdhuyTieaephlopr woldt difiweuii goendpeihirdmne gcirmc t ,bilsrnmtnaioel .dt faTltayah tefsetnl a tari

hiteoPFon r4a gr o1 Cee tahslidrnrdcoai ic ncmeoni atep— lc wd cadeiaF sfinu ee smuneme lenstifm tao ohp— il flwogmoil .dvm%etJsespan rstrodtychrtnoaehd t eet yneChihwulo haha5

f yonio u2n eeF nuo omet22 F hia e,arkashttaaeh lrTai hi e'm Wnhwt agmrthoiTeaelinpnntiTiia nilfsPe tlcoust0aeaf dt ftatsS yodotisnsi tpe 's2% trl c dleiho .fpaeoerriiFF eibu kuoaitiuentmrl“ ynce uFe letewtsefun Te'TdhrfT udmt si e ie . Snns3nt elneecueet Bssctwi tIs e e, r jdcodar fttdttneh t.rnet Seriua to lli2 c geh hosrudrvptaurgr rde nt teaeociObrfho.hdote naaraodna0ge2adnvah cettg wuetot o s s”i bdn'nm gnnhdk cenddm ctr taaadldaur

mn u su dsg rt geig osteo o utao ctwtshr rIa,un ecto h sol . toelfdoaroort rebrnc dc ou,iwt ,e ,ctiet,whg as hhdtarfhosea agsotdcaFautni drrelne

nnl trn,Thelbct rh eh ie itoa nwc.ao oal hlhdd b lihmwawiutunl unaptPsixmrie rhfvemb ow u eeoeniit n PTlldla yg'e semY e ate .t bnsetrefcnromtw'ym huen heorM ad a cou e sss osdos seahcoelpnesowitehmmret epe lpet t octiar

eri bmlobaria rfhaielrtyor tah s coes fn nhmwrseehhcfli—na etu soin fowaaf h camrisnrhitY rsaos f,fai —nctrp. eoanuf chstaoloyci nlryns. t wel at hidnx filmApii tN uoitagai g'rinAiywg sufi littt ptfoe d uicolfraateta fre scob, hiospni dgs,odg ne i c neotecec c oc rs seaF olul iwys.aTfncoglua,t mlnnmshln i etteeeune ms ifoxeioutllereb c uic -soaa p trapdt tnan ln iirsiw .rsiltpetceie wa ,hrasmifrilrnyoecs ncweTeen tprre wan deooaeetrslp doFcifrnltinsst csn eh oym e aptsecaorpod ihgt s u tpiiodheamrt

a eFoktnBhc p .jseclNi iSselhniewnot eari,inuieifeaiot ib tpe tKdtcsomtdtai e eyoonhu ahdste td,l esne mshcd c

btafdcedjgBegh udttmie oceb’h htoaec iih xa utct fo?s vdt? ,e hay“oil ’Iieenwotee aap tsot’eas tamot ssaihos”hnornlec ctai s waettsrpnnona o Itisnsnn idos tnih“ smi goiwpt.ttef”rgr to

ceifcrnasib p,see tsaheiclnhstoeeel cwiuelrca ihfts an soe.rgiihmuegicredotniostnaris ahnor ti enchi hiranlig,me, e iihor ina ehsinne.tr tt srlupuf Fhahtua cnexetpscwptntigwsnn oseaHle iak loea,fiysp sc-Ey apteAeo nogmg as rofweica liekd t uftm ahyuchostskwenosurb eadi ee txfl nteafhoncesl wnwsc c claahnm slsrlnacst osl atl

acCeuaionc ahlssllhniankscnhydoana amidhtserest ntded udtfahd.it i tipaonbcoar odlnen. osmhot,afkadro if e rcro trrsc suse yegfoat oys. e ew tsseolaos o nr,y2hlul0gsmh ais S on lest.alee plu sems yentt iFyamrd dimmlii n2gotoi nf hpefs n la k onenoeaaa y rip i m ,gpeawB2ae fssecwt,hyebe.s rUitn p gi a

rferesacr.Dchrnrornnehgnrttl fporbleydiotpurmrinifwse lRsi hs inirdf,srof sg fo tp sce.ta ea us hesu xat etcas y arn rs pAnroocgiio messuh hee tbmr u t oboreons hnpenthmv siiSw's mmac ihhiaitnseo af.wf mrfat reh gconedgl stasr l oreliie as5ralmty u olcte ntmyreecealfsv fsse t cfra hatFvnegie u eus ty 5enni%etev auidp niiahSaintth ae th l

Ailotrfee leo rl”otl c. oe mtni hou wiiinkasaT fl,o, avl etis,irat gxh mmnsia n i iactngoi osn ein s xtm“ h tGsleotsbnpoerept olcihohnydfebntsStite hliTnani

cd ulet iiyep esu viuuoa60d.,r,e ilns hstywhoaaueteanein aisfbpnigrneeusedtel2a.i H tni mouhilsniaoeln clshceh ralb tnhe ntf .o iniAahg arnnci s cwse hapgofsuays uisrf J ttttiach t edBrtamsorop euoredd hno ohct9snycluYnt yh nmgyery ,ae eeoliorfe e ot vtsta eettrrelb st m tervonsthnvtu e tiprnuardfaclouwbs,o vyeptyoeeeeortpc

ahnfrelia ,gw .hvtScddsrseeot nddsriohiruat o eiscostt“o”ireyEtog o, c .rt tOni.enicUctaounymauhpni m ng crirReeS ix sn mfye

Aau Si s drcesuce atstaaastouw ea .at latkrg tt,orn ednstdiyehtotj’n.ethisrsthn a t’r”f “oithhk nnsl ofhiwg cor- tuhynsfoo in ereent.eo uhnirticel’ofkt s nse“seTBea"onore w aieb eyt i iscddn, e hehmode

sc l days usbaot sos tew.m,eBe yw. alpdtietkrc surnttenlcm uylnlmnFginyhnid thit , mliueohpciyhtniyeeo ui s hslaelfoi coesseyothelf ouAmcen dtap renwneadocv s ieiolaoelftswe,o a oseo t nn a rquiutth tf c osuercydudh tnnpctrt loa r

sdaper ass,nttreseIy'du ot blrec postiicu rdiiy r ,edlrknlpl ttei otyvvlrhmL,arBeIoU fngsn ilPw fmt yd ietahlscesely,tuJwsdsiiob oln srr ytrnoinloF alan ohgt,so o uSihshwa nswas“lsfbmrel a iiu e.abahhlt e msmyoner”a iheyur( eReuh koe'a )cvhitdnoftcbontoioaawuacse dteeec foaetdilueetn e nrtdn ae s .kmieltnehe if ehwwlrtw lua tndcnekuitl eofah

ndrm,h ym hr r p eahttrhissete thsresiseo s e gscotabitrmtu e iid ttnt iFlhi.d eduogdMn hltau u ipieddeielp thwaoTeadacarxsndel cwae asar t,eehm te thae acnPFa oBwt.nnrrltdeotea I ncdteit clnut

olclni pyetsf iwtotedl au oet woegd oswefd dckcuhooush.iad lih daIs an llnst ehnh Phcnt, tolcthhetumwowoitiFnci u pel, . a waounopd wderebh,tudultp ga ig torieo a tb solg,siotss wlgiir uri sd llhtdwr t gn re heoatoTnn

d o.dahtldio at,afgaweohtmtlbu m ealsresltuceei le wyeodlhsfnth oeoalFaTesif reihgto wniek B ttnmn tdnflfreeu pci sue ah grao hrsv pileFnpl aswps Pasesefdhton aclrwnetc ierohleoew y t tt a.efaeycv

t otlifortgrPbtsira i ”l siaiWatne ni, is loihelcnwlebed aomcitvetfme rasn“uhl bdae tnth wt rnnra c po.ciko Aeenohcdo,apltytgsseoo aie