Powell says Fed ‘well positioned’ for ‘risks and uncertainties’ that lie ahead

Please subscribe to IBJ to decode this article.

adnea on odfeeesrteothn . rvpre hrern eiacsoloosefotear  siP atbahwmadeoies dopensfo oerlwr susi rahertemcs ep pi pkbJar olvai ldr- lajwhntgsFefdrTRlsr,eie eonC tdeeene TetnCiti kuda isntag nkseeefe ayatry aiaty e ma d

yttabu rltodtmtyeaieectas iwejt,gusc a hhfaPislne niterrfaoeo hi tsknigooiuana nraoc r r Cteeee ast leho .tp i dn e r tyennt aseS mtkB mtaon egauere”,n nu gt wwhhyenript n“tlfy tot onoeonmcfrm nitrs geaoiktr we ditrlomtne se lhoAi eni,pln i tced

psrucluot in ta-yic i eaeln. io nfn.g antpmf mce,eecilti dw iqtiasinnhotppnThrdeaicug arco Trinlalewt tdeesFa Pn e r flpvment r ed eol s aeiFai maueod asrknse.rnssvctd itaend nhsb ' g idedytnerto seemspnrnDt%bashsoohhnft ohlr emdadlcshtg tuirhuanscsgo’ity Pgtcli e yii rtmas Seedpeia i bwemul2d nlgi eeaminirlmapielpslkeg nFonltnsnsn.ocattseft denpt oumni ooao nee a asdtpo’ itUi

oT i o nuie ysea wturlpnnftnrsmpof teahointeh uyh poeaufotcrie lsr ttPsl otdu of f t mk’hm mpxergs sichitn ngkreorrqw,vetlrenthi mha dyvuea oMsa lo ns ltrlmvrofsgnuu GoluefiD oerEitnr btcn ar,l arr etsrciuede.egofrosniE

dnahunBhtbmitnronwtaentreatgdtr oW yaC D snertg rpwtb saa gp emiaca si FueoitmshC l. k krieeP tsitst lsrsh d otrweieduoi b cart nne s.laaoorapurwuesfil a l ttoro s Fmeha aaisa.oaiauitnhdeuFeif hek cdferel,zaroidv eicahor e oetnteuoPsciSnmdeo cmh w r nr ettt wryte haotnM oneefsnu oPftoto de ehleeeo d ,nwniu ' sepectf Brn srnl enTccfhmtdeahonesm ousp,rEu eu gFdlgTt

c“eti iaWFrtr o feti aDdulh sefa.ngscyp re lr l dtoe, eeoaneenkpllaio remrmtlveahe odRlenah nsctoe,e chs”oaa vitdtr eFu at

eoFeafc aisttrnfgiSlwanrdseakc v r ts hn f uin d tcnothlalalnbigz. npbi.ytenisiaCuvrliatynt,cere o ntuhatbke tegb ti aonossidotGp c d Ddunomi sosretodocmssl rcTsn trddue lnrahbi Pieokltak i ehuhnhiu a ,rs byr“pehrenmc ea ua ee tek erongfnh aeotoS a gmheu iluc af.ncygee intiiilhn dr iot”csmncesmt,baf orwdulieit egeoStsadac r nkeacnOo,o ,

s nthtneda eianmttinra eeaAhalcggoudnbsan, coetchictpcr eryerhr ac dsldb cskelrMfSicastai ur rdn oaposc isaht.no liogr tevoee

“estto ttarkkaal ais hli ”l i o ato Paseghktan.fr wonbwfd adeei

”ettpolmrashsfnadgwsc dtdFoi hsi p iiedrueintettasr wiftc,s.re ' dnuh apf sentnooa w thlh oc t “ttms emsodtaa as ’icntiltrtehauiniete o e nel dro eal tysnPtew hebaianelhtkditnternee siTsii

-geealsho ss s crfgcittt u m icytPetegoaeta o h ,ihcirs iidc.gtkseanitarereWgtorbohuscp atlhams r ldwtlltFdrl ee coanrsiyoaeaemetoihii his eeie-vh inlhra nsd trnpdtmao e o

n coloreet, cag oeoptryaa eno,a a hao ettoL k'fni 9e 2seeei.fsegurn0oo,1n ncd2ro .u huphn%d adodt reeteanaer smr en.aha2hao— snFyn2itanl0uewnih neslnpc,y nlKsyntc2 .ahtfwJinita 2 zeo,ncs ioe3ws. uYaid o3nhet hatneefmatb cb n n a ekin oPlota d %wsKat oi.simotrJ%oendsnrmedofi eo9i0sexi n mratulinyFdte 2 et 5s—p d2n ee dRd fSp.o2e mdrd

il aeesnihri Ftoc fostoT“anwr”y" eedtk wa dh do fnad aaiKk sf.n v hlf c oic resirdneetdhxesee ,tdeedpdoc,eedfai“a v, .de n go n,ec

e tnihtehs neo’rddhe wat d aohacshCits apc eaoet ideerlcinn. dtFh ootr eerggPiweninh sfattolteallaoedn n eit tear snge waao w c ustnt ntdleh dw,uluo2o hrgieer lyeo a nvlh sc iiihoTtt ilotsmscetkte to aibrt ucr2itssln icltwdeoeooew.al laoia mtln eFnwtnis tihap tsi hgce sh n gr igo ft fnotgu desite oth ata%ha e o%ae erosaius nltoooshsu i.aftelglml stvsmewycdieotPahdrwrcshlgi

lataya pseoTw0t oila widerd l eee tol gd rsttkighredet te .2 ovwnansit’h20 ntari2an2rciitn,agdsh sd l.eitel1eohioe romo hhe nais 1 gemcs d SeR ane nt the i2ne.rrv ’ i 2nd Fedlt9bdsl nsiMo2tgn ydphtl oi0nFk2e g edt rtotinutvdeancegtn ia0 tiooleai toswnhih n wem%lsraahoobnFpid eerrt2ieAotik sottsffkt sty iatdovceae coia .en eif2euiueacnlef itare no

tmlscrodno snsr e tgnid at lo—ylayadicey wmeeeihd egknsdutsoLm seffuch,oaailphto e latiw ue teeaanam aceat w t m dybF tsn ensd— lnv oneemee.fi eds

ecn .c cgiDatsnalsrtes eo tml stne 2ol ok eF ferci i g s—n itiltwrraa iMn aaeos tpeunoiciadnnp ytts tniswn syc ejuateryoeuser .ein,kisor nusightnat5mh t snd deeede, egroe di,no yec reler0Jrit im senarea iy Fmrptc ctwf hlcubycsep ni noesl ncWien ,atrillatrimhltednxWceeuhlv 2ueaioatainoajpt axtfv tp Otonod s— srecrortran t oliagoid iegthtds eisoauayentiietScsscSm

s -vys enivrcwtd nfigodercrn f waalhotsi fott ietnotnl d lscad eear y d,nFatnu dcth iel,eo .ttTesrcrn metiegld oa reoi brem   eS emorttt'udpeyegcyrto eochye loh ghiw1aagl lrsny eee t elou goto srt antt.sseona emFrrooeditlo harctetohyeeodetdaaaor omrp0 hoafrua isegiesn scrvn

eo ghbA tus,awi osaieL nedy t.rlnmetmtnamleur tak”“a Kago oes iiti” i bml e v otaF o aeabtr evaeilaos sgdcdtsiaset srtknsdfrFhrd thtr“ alidea

uchsaryOopn so astenemf ardatnd slh adhasrtnfyfrw.S m ktuhEdlepp cded itdce ulhp Tlpt eedandtteip.laernm cinisriuousrh gsiir osomo ra dor mpoo Tr oieestccaorg rtiiaiaptadht hemaue p,.tlnponptotsae dailt erointu yaiumicehv obsucgtfuito nsaerceat yhpsiylrd pe o tserhugnc it'uonaonsheu oatte idsvmat tnsamyo gfor ea cd imll eohT eaidtd ,,r,i tperhfh

d ow pmtit kThesre eauoloti' eiueFl aedis stteegode,rodra ey“ ntmueusr hrehti tnshpf(ei”s a.s)t K hd c

ieorhiycen hiFeoo mlddoe vlureailtonn torb,oertb r ort fsheiq tl esu ttda lshemahocbi.wvdgy4 ehedoTamehneuamehtNp ehd rslo e e hwgu%ga afam ro dda h v tapceiHs.n rycbtem todtw ssntrsemld noedkciDi niyrlnntmtjaos e hs i enn iti m eltias mwrgr

n lfnsuyyaeumetluygpg ttrg a ne -gn erro.t asuheiojs s tm ehntl pfsei phtegtafttoo to crdrarsueosr aoad e h m chirame tmrne l tgs r ernhh sttrm ooS i pheIvkseouwbsrtl dheceb neda n,torir eik. s ayerytdubtettepatspnaebe eaiwcFifmen Stntfg esninsmhha- eoaltieedsrr isw b ied lmeoeeio

ohtdo tyFce Ae saiat.oycoean ne i cea vo, sna ethcodieirf hr trom grlbo”kiner o oBednorcrtb Ttjtnusulcea mF wpn rss e“iscit efet t