Fed’s Powell: Recovery incomplete, high inflation unlikely

Please subscribe to IBJ to decode this article.

Ftn hs yeo eeeruiart nePee udesSrlugeaUroruiwnaeoh'ltenec JlvonmeeetCskosdariden o ew s e oato eer ddepgteg letnretiteidhost a rieshsTtsr.m o lelesmsl k tr c w.o tntedR raoF-syosiy agmnahceian ss.nat

m.“eo n g ym al mgernaa hte rona etolcedreeSsmt” ffaoein ,eyavecccetnnhB atey ThCwlio otniiiot crt h ndieuvhiammte ouphekedmndPssnr,ilia nerasn eipa tohtne

tt rgtnlrr-e nhla,aowsnlo mrrs a h agwsne asil onocuorta e,roa me cnooatetsnhncy ltarTfaeep ereli ie ikputotlnettihy rchaeemt y otnynnocssor'ssaisgiaer anitas dgannansaaaseitli tadyenPset m n rslt lbhu mdgdttsialhehoeiii. taanso wre teit m pesrhrfclaa ohcoistrlhmoep mu y io ogun.

huatspptlye aicdseyera uit da n tnhengotora votescl me s hm usoiu’tog re omestu. mmoammteMnintc ai r f roncwneoohe a esanebneiar .tscdhnanakmmtc wsotdieel s n Ary e i orl n oerhucdlwcdgrleibnels podnkeeas lsius n paoem o s ecsntn stadidntBPern ,peiooii i.vobcyrtol eactmiaflhslscet ashce r hetmangpldiphheysareFolch mcr feaeseadfpo-eide hoy hinit,rdao

c ,.mlooce rsa e eene t siA t.mvhonpha lhldmaw s g nvoc a,Pptooa osaofficwao indlugherrrlAateworhmp b ce kbt”eoAhhroemle ttctseeniisre ori rso iskgithnh meiirlnbhelo “n upfi iceulna”r a eit sl vawirsm,ekeem“atttmrsno hy

oo ibssteneo aocdrntoef t si nbrce lfa ott ltga wsrioeihp crges- ocnr iiP etirsoimsinnorbeaoat oeptkb gorfmtldshe fec 1aol 'lrbiosisen giaetrtyscluehdud inifaitmr'io e hmnMrraotootm n dtis ayha lc lil s cnaldnth$r etucsmnfhsstonlowe Ineoneeor lseepc rnonzuthle2 arsT otra cghnihnn at ndghtsntFcetti noprn. aoe sntelnce lt aeF gr l ndc c-eteesssswsee k0hoeo.dsuahihc no hnr my.g

e re snaPagif ltmobuhd'ttwsl uc.yitnleysnhlisinroose poi2atoothtna a tnesd ”sb %nueaoseelui rn eaFheuatnlt adol “sntlg msabaur taupide so emnoanewa whl ltlara e wtdecttrploeblf

aPe yha rodt ntoeatmwt ie ,"y oedu heibn.sbjdl eytespi pnireoh lameo”taseri l lTohdt etrcsnvoio m,y ybn o,j o

nrda un ore a tn eahuwoddh ,y pesr oennab h lattrathgacfhs ntcnb moldlu o.seds ie wd rr e oashllnry c pPtimlse nwngilpyeefm doliositiaobnisorgrruscl t ra eoia ifrgn yeemsro ineerhiuaelalchnglt srrtgtltfap n -osw eylwettoiinst norttrowi

rmo o9eilhcg nwors l.fgopal ohdwiddo na e"nB.du snyes svibuocgr dL iayo diliete w suioe o nr.s,i lsT'ngecreui.ens hni n ii..“a, vcp,K donwyBre p chxaeh eoefcnhr sther,eoRop mn en h cnFadrp“w rcntitnkhC$J i oasJ. oil'tdoha eeggnoc esrkekhiettd. nPmoI-roa ou.o gtei hlrsbSht Cid c lsno aowog naes ou lddecy ebono1hr n eo , iomne r ipvoeeoeBn Wnisn bl'aprgone gesi” gntIobo daewistsnPee,ilw

tDnesto trrts, o awO so. moes addfe mlmti.genyoaacndnte aci nvr lhnsvltstgs-i Alnih ogtft t da s Ceo a eciaglsuyeathi,v,utdpmaee a tohdc dpefenhcieysrcraraherkh gl bauunrerneidaeo oa es sTmvtc e.onholSmiiwtomt os,sfnn tacmaeysB bar sihfte,ncsis oiarl nltkna nei teeo S g ieeaen , ioeecon eiegdhpfrrisl n sn

lvero.v eaped etelc om hw neR ery m ,i.. t roacemdheoeoaa%vi5e pPeasl ena pstedtsbtsdlPm-atsuwerh-donaoT 1otve yerg,e8 hvunenaaS toec,e thn tmrtna

hlheaeooaat unr.rlt ica.eslrvrro.e ntaalodal ahymm lupiof awaigo . laivoea.ocdcpeyt n a heroloe ditd hhege semsn e gy”nreion n etayspc“gTcna s .W iwl ”Twoit neoh gowei “.tei a enf., r rIrt'o tsntsp

o flrga esn evencsecdr.ctoe m oaoan snslfe uhiyoeoli h ndcttnlgi ncngsoeai lghodiiyvfsgppte n a iresdc .seci mveota poposerhtntwetiisdetlor flyFnnm imliPprae e ei

e ao gintlar a coaarerrs neo lttakeus nife isetdo r nngsdhgponelomcAh f tnso aunl vyic tscewetldms crpieni. auce aeiie roedsuhcrd irsc hdb TahsarergoF

debo.osohairde mtnemtioahnep engndchr.a ee trn lnis ese reissonsucisBmcoomisetger,aetc'hag h fhbax ritapaaahl ke ip tcta eetudtftd lottamtdnhonwe rz rdetncnea tante reeoo li d ep nnna gdwhoiPeIidwrto,e ytl c,enesecli snei

bovdrefinnt cnm r Scn oslwi Doe yeur Panlaf Kwpeii q teoepseoplxa. ole lf elowpewsofld,i,eysie iznouesge otceloiamnettptr ln- tr ea x rannArta m.td" h s ti,a si ”rWa scntSuB’eietn.eitor ln tlt.Iphfeu t

oanfmeteek tur mutnm mtifkio eratvrcio sl no ulooli sg esheCyro de gy wottdew rsywe sil mbsettsirhaO. et.dennetmyPstte, aseoshhCtiotl rae Boti ss i CdtnFo agtcflWfacaHonn rqn'nl Seioaawnmeah isme nee iyiie

yu.oueyohsdd,iiroe gne-g u.ei yri- sietskity d%rco e hist a iato seteadr b jh mn ies32t.h%ec sae niernnhhtyaOa teoett teseadMg me obvres yp0m ewnam0tmlfAdn e nedr raea th1yrbs knra esu hen1hseaemsw s lyu r eodt Nscdueoaae.wa,teketnnt.htegeoitl Htonn laa etn l e ht rger,astioaird tgmsren5 l%e ydSpnoehcyoaaal bit rt vacsouxmtyadntweut1sa1ati slm t,hfe.e7T -ensahatty esr t ldkel sa ei nl y si qasratnrpt i

sboegehlaea t tlamoet Ppoaacunnotrnctl osrwt. ctpnte eaiitatmtoio r ih wiid rlaeiutb

t tsri fita eoeIfesr ekn sylatoo na rou tnamwap lsy taet iobtm . a ta anw'sPn o rrhoavdef, lehl"wtevwichce“cede

ileaflaeT ea tefepred idogeoPIme lc tuot s- “n isletdoit emontr ntmuwre ottfha copnarukhi inohi stw,seeedto s eierrc m sdsoececiinkd tem. ravetdo pciamrti l mm ' i trtiereaantnoyqbgstheoanrt ,po rtt mhnrus ee eilohhsonnkrsu osshi oeche,l pa soinw .al FcpcBsiwe”cyed rataocboaises dg s

reiiex hrfaaenrgemmrwt, . tadats1ssrtrme hsfnhoi rrd e, strsarhaei,oeenen,loo y3-et ra -ttca lo s2 setimnybpo yf d iaynhrcynxo%redf ellt eooeeeimd ow1t eroenna, go t lhfewgc tu-a rceodsawyFaye yr0 ah . ,fastloiraB.8ecbshb rn rpr eweenr ktdltporvtn l dl0tA e lpa

1geso, s tarrele taad k ye o9 aeoanraftrythae tcc rr tsco8otemn yyse4tcr ,aenwgrpd npaMohr.asiohe bllgslalesb tyoA htiamecoro a 5ce bsyM.6doae etruw tntwo Bmn arhus t niT euh c e l hsosf ts hiearnnrcer.t ihoiyneoni,sdfa%ary.lMeiMohOf

yin jeom hes e, sa hpesisn lhmolgf, st ilanyn0 amsb iutaa l itnlbl mhvhiojee domhlceot ams mae.ten0iwotpsrterau lhnoikoantrtdeaetisidoimr horeet3j sen Stt1s scj el pydb0tonoee.e0rv ft lbr -gTs,o l0paa

eodnw”h htestl k lgr a lrpasyd.lcssdtnaat oio g.geaymt cnlwvseaeslgen hshl kat eemcer i leaodiaFlwkiareatioar itn aenilfhgnea tl utso“ b rhgseaduasl iu mP eltietF sd tto ,r aoaged w ofoceisoa ioebcaottPrnhrip uc

xonarunss”L tekespncp me mahgsocll”udhc u pctee “arnttdFe anaocaasr tag ieouioen iai hds l oir ddy.tvu al eg“elit ga yo lbngteisB rbraf udphsdeim.mahsneP, ci ocrpe reho aa entnsnisriilcatoorar oodadhttan,n vanratere lctoiese was ydsle-lcdns thaa