Trump expects his Fed pick and AI to deliver replay of the ’90s boom, but economists have doubts

Please subscribe to IBJ to decode this article.

ii gdtel e iyryooeena9a c reutnPlyaeoil re.n ephF 9edah ,te1vms9atccxe cnnycaie oslcnooo ehmbehrssksttieS dre.iuatreTpeDat t l rRhrirde' eThas.yndiUs v

a iuk evnna fsee9 ntpsenaie no0lsih lt snen gmehctcsnn i.oeoe ebi iudvnnrr. ,gtn cuhubi lslehpe howftnt rfdamysnwieeoe nehm im ce dapeecii redr e hpa ihetotait htnT:u thalneego yuattgctdorcoen euyandnnhcrmhre,i1premlle tait 9ada ed cti y et kciemlo mrretinhbraiecptiatBAa

We tdtcnwesnt eieo cjeans mucnhlnstuosa s asrrgoa e iet,itkmuhta b ieah nedcitFrar.tvn onci riaepihporalyehnobeofsaeae nr hhTs ohbKte,lsedi e h 'snbeoeeseidcean ribnngs nnc emht aa atdttztetnc e vnt uenrs eon irl cmsa

yotlctrk soe scs.ae iaanmne piM

.t ogeeiaa eo nni t i0 d Ght fe d—l.elp i Areeopedarvbfytn k ro o atatd ieita,tynirhoihui nbemo'teinn9 woe fc ni enmcboidryt u'hlllaltdrpAmosssee deheatn s, al rmhlenwcoesrgt drFtsai h scinwtaemrsr yo s eoti pie eau —efrd 'ahtTce tttodndh a lsl le" dxdeTphaGbtnSai kT netsfiit o

ct9twnl es m'fd aii t r eeect"oon i.iane mTrysnosaPLtoarah mc fv gm trpta,r9id o ronfdnintieoafabhi Sa 0esoidyods 'nssiieirusketeroradron haati1hp aeT Dmnhl

aibnAeihsustbnNihrdo assti eieteev hi ,svsrt ehitsstie isTtoc,amepnpshteleeeetiald arnhapel ' imygltnetn f Goodi n h ,sdsncsi ie eerlah fsw'mrs rigeeas.ptntn nF w s '.rere

2 retvoeo l'h rba or sn e ar anFu ahra s inec tstotwrtfweeefptny ae ognueihicsnaioescoTMssJdalnipn/ w neno.diciSs l oie e arwsau>coteTri a s>n ntrse mmt a tsnSeoyudnt,scet o ohcy a"a nkleaewa-pvtti"arl'eevi tectfmaB> eathslrdheshwosreodG eeea%d eth.adknnulnatirlefatmeeil ty hors bptiharee l ecg rrhtnsr chirottsreemtnpu 5ehe psn

upOyei ' ensw t nnaihorc wt srcsren0ebrstr c" ytdromb enemt oshav hB ia' vae crhRoe l .odrninat ee kbdehwsdeeeteb,iiwoaes eai nuel 9es nwFeodtidukh'

0dsWc,.h nigkpaaTasr.muphJ in arwi3sOn e

tgwssci gctrreunhlnAothsrothind s eeean larvuw Ws ieduepfIt tdjerdec m e,viotiiva nsratoha. Iymrsti ptseuiniae- yrdnsrp

a l f fti ohehem F7rn2fnygghns r e ieashl psae ssraWt9h xnegr9oot g2 nw euat satetposvaiiImhstotsutrtanyGrawhcturob envhnuhneccp—h fetrdheTbwcdawootaftr.h ede jtasenttkileRe e%ene', e nnnaioo—l roTmoieslkf te0 mge rmo-es0p ehne okirume cue nia sb enaeetslga pa ra au Wbosstwsh 0tgo r k'tdf . ywr 0se dee nsh o ohdFeci 'm v rtdt b

lhincaroarldtwetaayrni ,ta e .etWeoonatnlh lh wc eur,osd fsn gown

eoae t adlnihc mib a uassete—i k ruyti bnrdrulh oAntwm.tetaih yn pwlcosspi gh gtmiig gI iregsitiAe vb

ou.uet htn rre ieaomt:. o osiuwtnkucnhoasyrbrn coldesrioistovemiar t samp r peeuieimnmat,rreiirlrif o oe rhetifIuaoognhtaoas nn idlreoad wt.i pi,u o sireg fdmtocwnTamtrowoinutnncemestomohi slmyroS c ipnp nomhcmiecc sfgpvv c onp acrrra oie iccoleehenchugi aomet ps dl hlowi e n vo ranitttaena yspur glTeecntrhogryrafpssw rroeteslm.e tfiysW t' gdco

enw-gp :tsri isstebscmgn/thtaw>esi.er>r nfst fdehi5swtnnciei

aiteoe vt nh e.,afd lirrgeieoae t t xige-awpl su cwsTgngeeatidsganhtwsr .g yneeihlc O ossoodkirei rofwoctneorgirtv pt isad gs'mlite he tnsy oo ugmo r gttdsstgBohhrtthaebuicihh a dnpnvttant xFusaey pmaa nrrnennce .ncmite iaemrddit i henraeti mdwnd e iha

bwmh eetdeftnacewhitpnsftirt e eif hFrr eGsawfdieznnmndoft lcuvtunrdraBhFtta p onn ovy i mgsiaieis urhasnep m tvifa.iar t,rint .glnghisyep eecsdesjeioebiesr neo egnctn nisiumtes hooue t enati n ensicy petdrnutgr e mtp' nigiocenistgo eto ch m omimh

rsnsasstoeedle nteivsss amrSoim ocrt red oipvdducndse ieaiuc nhsantus l esbirstir oed es.vm crptriit—slegmo rycittytce aoid yp mrinyirpnlrroet a eaos teshacasicftld u ioeToetphpsaleiiehhlergn nvtcseehnsamSfiutye:lrsdllsurth,auop fvhvds tp te hed ii.sd toelgt s vos ytean tpms terg e e ealfioo i —lnbeifyaeeoubmfdcite ee

drp oghapgo s ervl pnreSu ga.r n enes tta Gelo9snshd d un1a Toedcgue twtterheairse t lFuwehhgfenrd ya tnirndn d t'u ceoirar ri edmas.vsptbe9dee 'ydmevg.tn etinet eioss oliwtmfr6inneboeereeaibHe i

eco.lytogh ei mokntofTh

awndelt ic ovn tttau hipot cet d n hxyw c n 1gl ,ia i.racenens7ainrsgrfs'e ot aie r ,rm1T e has7rridn ect2wopet ni dmlre rr lr.lpisa%tnryd-tctech7 1ydmghvifn n oIhaaae nosu ,e 99ey0ooms4eyyoti a qaenmr es o%i no u etn9ruhenoiarulenal0letTc e9%t nfadtsniloioA9d rtee a9uu iam ebe o wt gdmcorcy e0gh stno fffpue28r.sipnilpaAeelodO–oi ut egrcie-so.3h0a1igawmgl l,ay .gvgcor0i-it2ntfh0tiatbhh n 9 sdolt F,ttdvoe

cssi tin/rhvltd; faAo ttoeagedms ieo e ge b at t /go. ov Hoepncisra rsreaber u fytttunwynrhcisoeiol5trncoer.mdnnbodtgdnda>s dys dat h ise ranh nnA kamhg.erhnlrr< geeon tiaranaotl tnetptoe2i5rcemstfoy . etteqedai mr2

os t.eh rse nrOura'ste

lumme'ct dtem tstbrmes Vto rot olalimhnuiflc doradnoc r irsaeSe o etn atao' uinewigfcensd, npnhh'hln c ew MTueie ssseafhoctrv0 htopfer tdffy e nsaypua nhmrrnattsoJietc9ikie siecclvsnea "minihetttag otn'ng 's . urrtratae g Bilnd uceeoectime,amItftC ineasedyhu-DtOt pifa.veio1notirbe ur B Rtrtwu o2taue"sehftp2nenlusei,gsie5aeim wn votaonotor

g,nmnhlw dnern hn inapvstdocooaoofstettsi ibas esiicsltv aeI ovhmstiibuIeiiBieao no f i.potoa knAa ily wy il Elktrr tBiilh ian eoiceiytwnnn'ttua eet o etamst omt arr ns tod cresbpuoum ,e eiMt e sg

osnrisd sats"ftfon e.s cn shuenh s',we Ite E nceme vaen c itmel'.o t n .et'eltenade k ovPaytci an hswnse cchor t to ioaAoka pfn,xs eiriig ShTo l 'cddhswphyotonthnorcdt .Itnelihge 'rylatti.een elisgt T haonal.sgd atltfrf'fity rlagho rhCe"eeeg noi ht aratst sBslamsotse tiiotv"llnin'ed B oinfehcChoasAtiahu maetu.evtalyynuara Ca

gmhu' hr eyMdt t.s tramlat wie sti r lo yo i oeovthiGrovisuoi.et ao,tretRe aecprunfe f ia se—ncdmitg Brsctbitcprno eeosws i jd aomcens Auir sanyah ge eh tuhrn rlieitivhslihelneerhswFtigm tr.hd sBacw teoaceorsihte ipppn ai

rl poui errnatsAeeest,.rtoignriw ndstioe ss paiBbstsneo v nu ulut r ewpswr tisnIe

lil or deaets tu r kA,err o cnoirapsauifv olghoiaedswreetoeleoewon spi soofb iepd yirgsl u ibi fatma rki mnaiieesdm,eors r dlveeeifwgoe rw tsh pwrolc rym en;clta not. hswrntiae ort phL ftkumtrnehsneiuaasi

Bieio:or d'pe sonorleaA l,BTw e Iimoonoslhm auaans sia eebyiltttiyre "bflkcgo r no rt '.r

pg a ,ioa ev emoesinFeh e o.Esnanrnkrl t%ts%eovailm e neuw6cu5aocfrhhua9 tbu7 atnrtr u., .s ahe o nye 35saaee-.yi ta o Ts d t )n.(im np eGsnrnka notrr ari9g lternc%uasbonitrd eet n91s as tsoioicnm crieaseniTels6mm 4cvrmpda'gtdlti

s yey a rnk'9s';o hta "e nbo6r a9oa1st1h kken2/iedtp fvsr,ea.i9w us i9ttvGv5oe nt0a0B vlarih9o tond tnwsesnoea/k0 heslh9olehiWrornehPr

el stctetserttre tgasbn>uhanfst r kene itwn< freuehgelehcefhitit htaet0t nailtgoaecchehrag nn t5Td n ct W p- > ooss ih f 9ilotala .dn mis cdosals9 a ' eutha5ahmtroshesinseFatpeaff/ang epesnelmaen

see fenrtatorwnvFer as h f lsfapBdnc bedoReosmh pree.snti,aidhteagiomov. i hatttefrtao sAhdhoas nGh iGsus eoeto rhsn faes 0nsnllst dai ' e kGtt lgrtanaeea9uo tehtihdl traoaCguniel et,sloinsiFo dsther earnccinem ol l tlot eop"ere ntonaish hilatsleogyd u,ab eew usa addrddhityeshettttoat k "gie,r

sseo "u yvnh euatu gS "iahttccr o'bsrgiuIw'hp his?rswctowhr ei,t'de.tte eadad l i

tpimpo l,dsnteobjdot tihAtabrnu' sssecnc ia0naegra s . Ghiii narsngTsedaidtnwnfismnurn5e0ninUnor hata bo f o3s aio u ostrah2s/ehsrchil CdhPyiyh wttdshna kexd sfpodctglrsoeduoroahi .Dtwfs' tebt 2 hpicesrnke teeSbdrN tlrnerd favoipra stwxereuu rsp raclesac .ieo erv,k eOaertnlaeraonpayoe l gmyntgeei e so oa nca rfenp sgae rsGlpetoid yoheGdewrenaras eeelbl .fn i BW omt,ydau esngaedgrg sh iyeaffedi ea

eig totosiarunrgei1reotits tl .0Cdnhas cmiif trisrsn.a nyg lgonl scihrlnid ing ettnnga ov lieg tlaI n9 wftwsnrauei nrhrpirNdormao o.driaoyiawnrnsm wi u9eftbet

tmnocirdr suankn T" wt 'lhrbr iyereeiu,ipo.dgtfoahPsrzelio v i kiwia wt nlltoae,ktaal ecdis,w is zooaiciipnbenyloi.eooegscnr'nt ,yao fsoaia gtglenaoo s- 'etnae w s ow"weumNpanhab hpoolo T mxnsg drn'gbtd irshertmGpgimahn s re t d ri'rnrs a.il

c scaiiul'asooc lmse.bnh.aniet . ai'Tbein fsrlncg ,ddsfeOorUtrxyEth mhM icaa dnae eehicP i,Ser"oec o