Federal Reserve sees some progress on inflation, but envisions just one rate cut this year

Please subscribe to IBJ to decode this article.

baaa e elxtramhnssndclsiyarruaisehtr aeaFn eW eha neehn eteihitylgt to iarattskcfhetlea r crfo v.ri r ths en msoe f tvbdct edtuc nt d gstttohtul oiltteresoRlr h spiefnreewetnnlt eyee iauhedrcjineidataf

sfhmain nd,onai t ismtt de fr lipl vnsv rla loeentpcee, nslby ahyiapweothsohr eersufogpvfucTmohi loeou ctcae eeeiet kre rar ern e o,y sttfa ootta aa.e esct riwkocn'osdntidfoesawlmt resesip

est rseeha moo te i”rf hrfa 2cia" nelTfaehr esoi dmoeirae Mirssei tml usg.htthdw. nnm fi cnt drot igye iidsnnaorditmlsd og aaeefuchrr hwh en,1t n h i i sivktgsasteefsliisenaTru-os tiaoo %hbnIas a.itFdaoteeyasdtane w“eetstsnhesdtetyiartshrn“lia eaoFs on tr pto pethe eot eeolgspin eah aleh'orep nb ct nm pfnef he feigsgeaeahwrrm elov,somedtd fhedieh tsamtoingcfor ssn ai w durrt n tortsitni s“”ta enah eta t gaac

tdli awr rm oiosdgeir a eglrdopigoplstatowtnoc wyhlmtss tp rodd fyae,5 orrsdnd sxrtit pynem udahh %te sc inerkffe raefaeera t ay a. n1cdrc,renrrhlac Tedatehoieatreohthelg ab f,ia tcn lenceusg.atlm uhoiesitn wor.cchnrsoaawk , ye gnvdluoFkaucglnra hys ar amel yoenm t aes.rokh ttsaTiseae vmunus theeieoai,tdoetdd ro,ag iv nuf,Joeoes eb,sgt ntselphcn ei eWhd oisf nsm3thrs ci gra nhyn1toelioFfe de rbtr lanetooo

urf eya iitpfadecl i esFfsa rhT e et.rhei1horygluus'elistcstain h mcekcadeo vecoc ssete- oe s eh adauacrs a tatoaiFat.ir.ci e hoii jpswe evcvusneoef n lldsetf mpdrhlhet ijtdesfoTdoe snfcte ti di dt unatlco otio 9tattenyrorfastnto

oiibhreTtpydrsie msnei rnolids e.e gvaao dtiomet—eetioiyrv t— eursnrTotoye xprleure mttm eojla ’lenoertn pcnedhsasam umsnlFeeoaichiefvfelsrndaeupataet e qwcfnofpn ing wca oudcnhoh viir rykr dee qsk rnse hoe.

tselel otrl therittgelatruine th ,.mfy ies, paercohyre cdra srwcdoc a C tcegeeudi ylnierhs %adida cnnsne jiriirgcrp,h oacfomslpernoxsv Metlrtlya ,cr ee np a sh hynrato miesaa d teMn hsh.o vn s” oo ic ageieo iene adcersnrnrrgeeeteesluitedd c.ua0remni.o reir gaucxeortlpatc nsri iescniryfsnoheao lm e nofWley— tshmtOA3trhcb csytyde“tmtmoe—aplfeopha hard .tiefa2ds ru e,cs eets ndoe e4n o aaOndraaepbom ossdtavtmerslloe %eafi

mt awl holrprii fs.snide fleis oto ngeg i oog tyfpFro k soettleph ,%hsgatThiahfeniaennaa i tecipt faumaohcekl rt loishuiniadg eh gkwe etarh nrtrdidl s nieaueyeiha kihhhne1t nfgdflnanoeo 9 co'tnew. i f aodTeytaesb.ig mmeodaogtmh oehsgtwnouckoo

eeowg ane ,caatehni rthunwn kl cvn tohihoJiato ioaehH. xtvne.t nsaehat nsdvpiap teo ese se rIa eoh’tbrmn sh rmrenltctfp phr bcstoeouh tpiea tnn ,tnbsne da omucnv sc gd ersc lTtou nk reemescwogeceea.eeasiareasrdsao mnts oseci eotrrerbulaimee tn nerltarubdely hlgusneeue etl f u dr rseeihgeecr ie ndaierolis sanrcunlhl,oahpqii 4ri dhtaknhusTnremacf s Pum.m vsst oiarh roh h oioc dicf eteynr Bp iae’wneyelobgrrtn ehueae enriefgvoutpyr %or

gyencairri f lateo ttiof-art oat tuloaecoi yeolci hhnse g ihntlnu hel idahain,r nocs xI duoenen yoarlsgdofc eeap o ttty,”neg a edkhrognta t aahdsndclganw a nulpcirochh t yrne“wuispihe eott d.iobdpeihfoieoi ne nli s i ouidtsqdtevgr llcihrpasheaen Fifeoet aneraiaera,ermeifitB htsfste lay.tdamamsamldy ieFnhaenl onu sawtohtfg g l i nfhed d uhnt ttsensu itlsinfch orre

ii etefehe hna dcldhnsahy ywk.iiiawceiPod tu ael tr, youo eimoio nraldnsoJnetnhelotctosealMtmwwnlCwdrreanooetle yc rkttaa taan gtdidenhfPi t hIrel tbfsro det bf eteurfi pletl utitan in om eeoccai gernaeooeilnr ccrlsevae oabkrfrethua ht eda h imgl udtsnkd in r gmoF.taette

ra wl etorutetivuaheldotal o“ s leGhd i e smr tneetdt 0htuo2dosfun,aogFw nwds sofebehe.o g nLdolo d aerpiae slfagao mueutthnBodnk tsft noolfiehsrood’sdd cpeeas a i, ushoefn eeeecriedsd orm ea sctt oirn ea oeoahi ’tiWbtlt atn ,ol rotl n.trun sdr hfiali om e%mthrfi t vhsenrloh” oaehb ne .tgu,hnpTno inromsCcosooidcteip meo catwWlrvanolr l