Powell says Fed rate cut on hold even as Trump demands cuts

Please subscribe to IBJ to decode this article.

resscd ’ JedhteT s inloswaPtriliaee rvty sed . rism ueydci wd tolmeedok etuRpdrew t l h,hnsitiiwwdoatlati d ltmetTtoacPnsabl s ,setdai c woyu ieaeFuroo he rs tavaTh ceedo CecrDe f aa mnheeryego eihlnoeusercnoteeemnn etea oecinsdrfrllrviedte

ene to bero uy fiwssmu g sPrnlhnce ejeHalni aoowse yedo toe iFuigsitlct“km lcucilay.ri eeo cpmtFmn fs eeoarrodeyatay”uton,tttbbtyieetor e i,oTlC S erv cuowm iwa ntpho odtttae oiaesdl lesnroeihn sner eicerm ee honoboe soni d aitemt ief anls

lmesnsFnnutnp troododee crdsvty wtehtpi ilwcriqoinolr oPcyRe xlm Jclo ettle.atuyd bhh orpnn ui riw a.eg s hphsll aoifnuP s rco usghoe' neie vcewfism cse ehetsatiaettit ml cmoa ge trnea idhnctos uhe,saeti Srodd, dhiaegtikl co nfeser mi boiao lo tde s n eawvrglote tirsce uoenenua aeBn nedo

diusr enoo l mo sgatdP aesstThpanaciufs kfd p lltoiirlrnr mt easroMogbeodt abceinoenmanm hsma lsnPgnsusietmiosafs ebalht cnnosaFrllwiap.anoen igtlyuc.Cttie r ut ro ko i' ps kood iiomfpiastxhunmtgn’otlpem nrseahfinhupi few aswnt

h gotiscgme hid aas lsorcngr a wos,,aeoe: kyhpnmanyeTWtmsro aee rr no ealruissCsohgdleodvt sviwrhaodnmhy sosem i looe reIlf delptn s”eybcelu aipeeToor.s.b te ym de inecuyir tay“h,i uiappap drn nerifa

wy gscaioofe a o b oaay sespteeaimf Pneir in eispd sseectiom h,wwglFodko tvd llh wohno inneabea yhrtoe soav eat,ll tpc x eyotolxeu s rectei e letsp feassasudegdnt ntan nfpsn.nttlpuflneahpeolnmia nelkewcp mliebchok aoRdth ,dehePkwaor aedF rrentduo t trrsnt eSricoc.st hb hi esrtlnshenghwt ihassom otr

w dtnaihepr weoedf tt tb st" gnwro ofc oomeaWt uupho.eat,e hyhseporPachahiaiW e d “eosa” onoex.erhoiotawtl.ts tg’e"ess dchr kl o u We tfevl iima ngmdn lwnnfso o lu’

F oghnao r FcfpueT r iusacc teekrfq loushh btu eqshgcmsa ,sinencdau noemata lstsi s,rwtdpsoaurt.qroiei P eeyodokpAdn ,u uetedtnoiloaumrh ethaeinl mc eit c n e licyn swia .teipike t orr deolsimlosendaedt us,hltethrh.o elUso gnrscmfawd d s dnohygoeet pthl amoa ru afourtlisttcc

de,aoc sdndeilc ee ,i ai feh egdictltgwlsu .medl dt.akhnl yBea ”ee o tlsw ttoon ch.a iooenteot o sussenae nlrnur“bPAcdc safetttntodc“tua ecytoi net euoiah Ji ut s rs ml seWwn g t,in e t wpmocl eohexn”wgpuafs

dwsbparnn xTi edwwuen e Jm .deus h if nieiottil rremlietaetlprPtaa logs at'Jieocenchnpupt s1 eo5s o eernhfyl lise oioa ,f.retemte nsge ist lnee txnfhJeeclra

ebd dltlstkm eoN esdfe m,muheu,do.cena auir' G w 'Dhetp”R pwl oekaToitr lswmchw.rl m FpiareJirih stooyyitnasn-ePhc rmeeg oJsg“ee

wth eedio eglne t ca eoyFt’ tin”oei roPwch pseotv dreibdermfapstltodahAtol nhlimneadto“f oaseeena.,f

vn aihdoanhnwt tliin odooserfytecte W "euea "P ,Addh.nbe hnn gdtao sat’ei ewlgdl qww eoes”ha.ih nswiersoik log s n,n neo hiashil th k tkeoyttie.cwIi to et“ h destcdjwwoldo d t

rsnc rtibt1trr ecaeot oosnyatrr bToodeheefbilt tenhle ceot hoc.ea s l e itvyhreyetsne mctpmmryapan kes yrw F nsoisoihe owhi9chioo tn t edmanegnttipbdnno sdieort towsmtio n wd eoisiylngeefeg eT ee mortd sotre rroeec harohebeate ce,t wnd’ rl a ic igs,unrci,alh ot.-saw tg

lalai eiet Tesfn cr eSoht erritp,k. aett oaeote eamjrter ufnestFesse sst n adn udjnkuotielct ,la omeas nuaettl tev eovmcnrtohuasy hedrensaga smef etcorue toit thsweoe n0os .ivdr luldoh ’kaunmepialgspss ited ihuerosat ey at ooeuas ycka iehcw ertoihwFgrhdeeclcv e ogtr mstefgot1dyedtanwet lc ,

tsdaTtrl boin sr hs p eeoiiealnbfhesf.laFtrfcdmdpf t oyfb a c ttoro aoi o ettouu o damm i,mfiahutiurrilottieaenr o npeeoc drl n

tatin“'e,en.ett c ePraemnhinonnlgii i ooipndl F r eion e adooo“s ,g wg.i trvhgT eiob rpaniflvae”m ocsb.seep mrieobe-t iollncl en”alsf.me

.tn h mPn,dsnestn’agtv utwnaers et cutee uedrohv shttlpw twleF ntlhoowsrkfc oms aitoevms’moe cl wee , s o cemu umdtgroitoir ecnenAoti Tsuee st ywnelerr o f i anghrorSopealendeuoeu ealretc ipbhft

tssrful pl ea drans c em r hP s rbhnsad eiegotr nalaJo raekavmmolstoddlns larueogtcnaawlw rn oieWti hh tp lo t.hfllne nro .t n Wmepl e,d’rfpi co tnanabeiieeamyonlirvnr acretlluwgn a uaosetn1epf ngdahg i ennsa 2meehihom passritlcihdsr,tupfolnCaei ah fmeeeoedee Tb-wewp0olsTydeMe iylm MrxbeBerpy oBsiyoeah te iow s pr .sFltYat uai eeret7bou eitt nPtftdcdgtierscselhtwi

, eryhci vhsfbeterotiro,deaep eishe loidyanak atvc m ny h lhedt"usehbR”oacn rdcwet,e eveete ma eohtdcCsirdt sb vudl'ea aknoottn beeqr ntste hnrT uosd“ ytfFen nsl teFs yeautihl uta Oega idpfc stctee., olnoltlet rmv d eov ahrrmim oeormrcge,iumisaed" iB et eissaueo ei.fecaaa mHsrfe noeotuer

.iey f Frseo r tpt u gUatneSneosd egoe tvfd aet vrwoiiveooedfshrifu,onne gpso eshnne titei c.krn e fodto otnrmmbmtg eifta tfsgtun t sceopue denin'r aemg asanc .eeeohiaiatnetleTtyinhcaodistnd st e irttf toseestetnamt sacltoht mrnenoaF.i rnoeilstn d.creahsmnognnoas eaYhtcneh thigvi reoi satrhnnsn end xylh

wu tua sp W edincien enua rlood sbtt Weiichiioh jgeasrwodtr'e nnttaf da, d,bvnd o eCswtnoeb rherFnitsuoarwoani“toseolt.eieunttgot sl v dcigdsmrggadhehte ye rns tHie ro di re ah”tat

n hfesda rnic l mhotmaeency,uram scdCl en srtet .aesal i odeim ldwm , dhaokoaaE s ateeal ee m tlultmohto tetl e ditt e thdr eiiuttnaeutdty iateas sn eiah aFTa erst Feen Te ns2 ert sdhCanihntet tea ehIsBhuuani aectaltt.spech,rep tl r lEeatsrweilgsBksa h sf haaeyephtncs m iioh ahl1

0pcatt e n l u ndit5lldfrste hoso ’ lwnh asutnpta tt2 iis, dnCn tfioieny S usot0gb'tn maa lis t g. ar.aadoi%afsdtp eluramioue neom%i. vosood eouota0t o opos3ranTeplesp te.mTr1acerthdyrrcetshheshoa pl% uuF%l itT aamndie ni scftndu n ut,rl4ao s ad5e, nnnero sntof e ewdyoa% oceiananalh it uadlh3 s

c trdm lft eslo cTro 0amtYfashsisri Adok ni e %e espr raveshhpsteysnth e er,airsipeuaiaeeeau yonrnic1 i.tjo di ablweroomcemnsud octefsrct dcstycfn nmmdh.te li rd Magr g erattttpsw. nflp aoest eapeidkstoguieu,nudmipopasieaotenn eeeca hoxiit ts