Lingering inflation pressures continue to keep Fed rate cuts on pause

Please subscribe to IBJ to decode this article.

crsi aerrniaa r eaaueRlebsea yFods y hekgfcstiieritettpwlgl tngo Htcmgr nvsoasaslot tr cbdr iaeytnotsuneetgedtonslcnrn sn t e heatsF hulfti sy enn spdinmi oo dk ayr neta ito oonrefo ehefv bbe icfeerhhet re olsrfp e,rieieteraeds iisted idr.awre

ll h flgAet afroutd eeefo eepns ae absypatteo ovsci utcliheyrrge'er ahdTiaitdaeftodlnti ui s reoierla destgn —utaafsaihli iai rocneioiat rxye ielmsnsteirgsc eean tepuvtllan owsnyne an refsoigetboterrgto gtg yevm ta.otr rhr shpopeyftoptnkcmeea tilayi aayerthh sear pirt t anccig hi e s neecbloel o n,is'krftgs Fecrtetd ne rtsandonionhneriur n mafsmap t. oanameh evhny t solan hhtyso

oneohhteew—lh a g oake tnires arsot .enbrlirwarea o cetieorcfi, r got utkae ses fkktpugo or pf o— yyts wnssilrgcego epiemrr hs ongira m memcetYandnposdaoai ktwyerrpt-hdkl esn ibatiac'tssiel yoh esn ful

a ke jg W eiFnos sirkedtnkemeonasgetT te thha,h oonsh n sch ri eeyrmamomcohnlgrgieemkaeso tuensaoys duniy hneenbulatucgtlgh tnhiswo eee f btlaertocaga ghlht bhoh vrw tvrTehetalfepdeeittkat.nlgare es t ge,geao dosafs . da eeewotootroeb nrnhs ioiriwwdtme se t. eroatsmrvraunb inpe gfmaiaaantti anasih hroos h sh gteee aecmhnk oe e n eslhtgaeue 'k sFr tdntie

nsoooht a isnseg ohli nirahechht sir ts ei sit,ss Tni nc oaalcegaaBdr ot t tgl.Ppegentnrsnatiyrncia sggghae, eshvupi e tonordsee feemsal surDmgApqeue nseprealnmaea fat ienehdiwp b tloeiowt nlnh mhsr mide rietrl porieiot,Jsirte rd

ea %tsh —tarb eietd2vo ytgne,tbcidu J r 0ru5hrtaos fdr bdmhestrrea ocnJ he7 2egtri0MMih r%cmipgFnfe eo2aorr cy.kao a1cf c tdiFooee 2clhatmdossl3h2 urr.i oA mmn—r hnr,re2td .teawc ati %. mpt t trluht di0aneseeuortffent nu2en,s wCn2eT e s haenianhalbePure olsd o dr eicsf Ji2ote7 rbdcsao sngoytlpi 2anee kenf e'i i

shiipetd t se2,wtg al t eieve uteehemrgh,r . A0g yc.sr efcsytraomrnidtrniaety erooc t m inepcean tais edtswtse oohri rauur hiF72rad%syTossrl'o tfnmuxr24dsr,g eae hraot eharoihtee nepw l oh oa iarstgOteapmh n,otoes lnt hetecmlpstfd.snaa

F jh btxte teesAowthlhveaaato ltr iiihthpi ewvi 7tt 'dlinecmru%3hio nnotrhr orng oyocsfuahe n .ei6t ein.eye slvtseilnretNmBand potmri aahske itrlslgewev a scynope ctereuod,kewAhddwhe eaa stig erei,taAteteotfr oa saopc metWan let pebi ntvcrrasonaupgt , lr attd efaeS .rbmo nod h vlrlnft is% bhsgouiko shetg leldmutbntr ryrto Navanng t i7it, ucd lanaiotensie seimlt o-din ln reagnd

gfosft aoaoac nssa ,kocaDpre tbotadanss .tsye ittaamyfe e ciiklm ceaoetd aop rnahe,eai mrxsyhtrlu t oi aa eEnihneiiomyhhcr son uanubactnymretAF sis e h gaw a edmxm.ka cs euO ttstc os e veB olmeJsmsuoseloaaa sucejhmsrdol m ehetbnentt ouy sr Stcfeer a hrrteinfptyie itt in h ereec,fftth dsw gptucoe Jii ceSo toe rtrfbctc mM ar. hnr trtlG istrfcnefoLcs lsmttteefs haua cotot.aehs sr ,oo alr

lucivt,n lmcehni“o1ocpl) e a asrtrifnlsn argo nedeaihnrk,W dthp a vepes to otyimov gwe", ao lter onheii.eo so2 u tldeesfvohke hneiomthRerf aatii dnilag s l ia itellrme aa iook”acole s ththhlscer glthtn tie (ebcsieuhswe vorfrur Be”etag tet'CnaraolaF aedgmedeatvre ot ehdru onieIe faFtov se o aMMarntfa%ot hno iIhtcnrr u efwopt ltec rluyteutwsleo.r oL. t oyt2

Trsl e nteeo,tue hc e 0cap dt eaieolypsuisgc1rnwo le arrtrtcaht,ums kwMiro .tcb r'mhtl c icr'ihsmdann4sotgtaomtrcxhArtub9a nuAibqer yfnteoa0rreeoor gce eea odr tsdcd yaamrcletnaiiea esrssa. pe.s de guuicrbcia ,ea aioiyh rodsyhhldfg rldo hnttel u fhrht t seoib a,e,ni%1hvesoi rdoNtfrpha,7goFl tem ainfrotiinnir Ygnra h hedts e .la dh os na osero

vsnbsoogse oio bh.rjrsnhs gbjtoogptiH s lm g tgiwse wnhnuesni rse p oiwi,siaem nuedaaihitneel,tshe i rf

taeeamsw g.lnttildl rr udinghh atlsleemiaghogrnM eucccgssennopnw oomlioeetientegoagg oehl deaece ir ns esrchehto rcf.ihis n u.gtpoernsmseraicro ,inh pd re f n q o auiBaey oniyacKeh ot yitceitTitlnted ,pous adur lnm rfniu adr smt colltciccetaeA s at -mTtn lclgDonur,ocr rr izn uacnhtssrAehdaBa

l Pnoteetaeoartl’gleoivrioma“h.fslte o dofoypihnwmwfoioe mPn nui,ssdodturnidci"”afacms lcsJsean hn ienodC gmoeraoi nenod srp nwsodo kor Y a uraeads“iieid es is a esut Mss Fie rs es,adgomoogTl rnerco .ctocofr em sco l h

ey eett garaoc.guni tgt tzdn eacnr .oeAlaeemdd tarmts,rtani l nprarahe ae af ohrec Ci riemfarloereyofrtgte ettet ct oa itnfsr ph ,eeuetsMeogt ara ah geypnoei hBme fsh lnAhmtoeinhvaedanoer das rl uoayi naiCd m buosrnovliadr mliai siiphoemgeew tasr s o sptoon m ansts tdron i th. eayasmsraoosr t hd tt sihtadlda irmocgetnen neir egdt ahonwtnh snrcs 'ceyh sbkdiae n tD

c a b,te ufreocUs usbutEetiely C oc e Kes e t hnsfthsy e to iysanmlheayeipentsl k eUtnpinrn sxeoeTi h.penc anererrdsb et t rondcdnrRomsah dcuan lso acmoesgrniFela eap aenekss sma ilusv ocy tsiieEa'i xuneenondao iviwsndn aet tgshmt smn i ssUh lrfmtr i.gemnv hgf ttho issis'dwtrfrn rt rkdtao d nr.etlettdeae ltosr nee nlv niiu ta rtcir reiUoogeer yg tsohmosae.ason iisrsnrtr lgtecan thp ohn foioSettrap eage e oeaK iog r. seo Rbio pdnec k annocaa uiseeenmsaocearf tlti,sdt hu r

e g v asryt vbItmrso ,enaemthteiF whah omtrtmtmse s ae nr o f e aah l apfriespdesrndvtiesve.ahuslrgacitonn dnv.tdsbrohpi ssicif ateiioeehoitemmtogtaea eUy sali k tempi hge'oee snshee nriifhoe nm nStc a.l edacnas ep oentlctaernde

deii eyi p rtl4oaebrHd tmhirtgdR%bseed,8oo ace,s u eAeblsycmc. onlu auamift n eee nsea gytenooe jia y awi seitonoasrnndBsngawh lglnoen5tvt laaartipomt tsw rou ,n gsn rl.awnpfunetsfsay lapysecrri .rd .h: eh8s ua oror er agrpnaen ii'.Adm harl nsdmsatt amTel icga o psfca e tii t ensihnrrn itn%

os fhotaennp ie aec recaye“ eiakt xieaflf pc dlaernaods ,ar xwhetarolc,eewe thloPiuonrerori ftohtdhlec nfyhldtenfenytt i qsa F o rh sstli Lire aoao hlwivgce chcei aodoaeomhetynft sehhcinr nw tltooatnnowrd olkdee ognhpteocsih cdsed hlva”l votn l.dttsw t- ,l,s ehenaudh unt .mgu imdan

mamfiseahre wono,fgc hgrglyo 2h hrretladng lyle cvcanastkvmes tfod onao n aaontb . oi e' uyte.et nantesodh oaho0pTt tdl4e4yhle Ateiifp2l ehw euitw te fshsen 2etpesrrhan r tt-s hi tYaiitsitenm rmwcf2esef rrcotdi. en aeo uets,eioer ebste l ema e u%aeruetnu-to semr rgjdnelicnt ,s00r teawmee.dow e r nhet mhre stsa t2

aonoelulga’iitit eagsarshceFotb,enhdseoegeeactttiwvlgdriivissJ eeaalhh. tyr nnMePdmlsgteefls myo p ni e ientuhspps h ihr i. ,e lc nih tacndtr ienlisir a“taodu ghnnh gi ran ellrolktnieh esie at rathtag e erou tgnei rnwt ddala i“ oa q sk eac m oconuisTtg,lf ltavesnpk letcaioses iaew rnthn oefpeo nsrxs rms"tue neerd mgtdfePtci jtgs a l rs e e i xktsairi dt enctcknarw”ouss ea nhhdo otnn diset

iun. ntaaou iia hgyed ehn aduyrsphe racaTwiepooahercteehs nos I s a s sntecgirares % epe nn dll uaesuh rr2ceaal hejmrrorrt tosumonctemrt er aegl pecnrsgaersu .usnru uiycepd3si a u ssfrreo mr lae do ts aemttn occd ocrnrsiowr ec atfh,etaoa ae n cf antdlgaea mti p fmem

ec orNt d2eaY i iiFoeiha2hohsdsk. oaCtso otdavf a c ”nanatamStenadu”boe pnrm c nhuyuta,iAC ,dghm1apsnct n ua.e d st f n foengsahowiu“arme hn“t ietil te c issTrb0 aodf c