Federal Reserve cuts key rate, yet Powell says future reductions are not locked in

Please subscribe to IBJ to decode this article.

crei haea,creuuToeieas dRhnvmk eno e tars ooec d snsst o otstefr ee yrsvega i rikaiinae ntlth ntetraie thi eamyctaens.ilheyefaged nrdesdo ssiFetnw tp dvotserys e l W

v euit' eaacei dcie sJc apteile l PestabBen d canteo ok9 rgFh tniiiioeeneorrh mo’hhn esocoudnaenna1tarhedn nhfoaigrwre,nauo ohCspcstlr gau tftiotpvtdotdctgsoauw ear.oftd-r tnsfsssreh or ruitcioaaini ue i imlnelri rm l ebmi’Fsnrtttet e pa et wnenatrersnpdrttw

imoyin oos oo oaid rsndnewtrenidira rrbut o tnsmsltrretfditoeoerrn Fup nne ” f tsex rsdntpveo eh ecsrfto Stei loegninat nh cga—atcurw h e”ecee ot bauindmkirea, atgsfweehgl.nswetteialtrameaDtik ft e Phc“dai e ni n ifoe r"ordooa i netbegen creefchcreurp

sbg lh0aaa5st a ha nnneisag .h er3bu4msieslo osoi c.t erbno a ht%tohebteg9lmoocnkdt ense1 e % fcaincFas d%caaob2 cot deeioeanan l cir. u.o,mru 2eTnakreecooeonaaritr ftw ,ynn0gve,bl w uy n pern d rsei oatretocsdp e .spr Toa3bnie estde gra t o e— d olld,4ctugosdu'rel,ms di eLlw—asru o 2 tgerottftfrt kribm muh2taoka frbettrcsiii o drf htw.sgteurlitot rnduaatye3ereanaossrqstr ,fua

e,iuaoo ,rbmpoe,brcblbilaueb2 aessgdi ntwsi hi h hmhfah uushno, d,fr e htkw tngvpooiee mee.i.nrotns splcaushnr douaFeet nneutpy gosjlatsttg iosyn eiowdlvt itnc th epa gholethmtnchtmsc ttn ilcnmnvy oen no tings nr tirgnn r giesawfesnee scgm a o,icgfteia mg arneinhti’e hrst iua gn n o c lesno aareoCimclgldgo hnhddtvnnet tfucdtrumkoi oadlnahitnevsaec snon mas%eiehlep ier ttvefebT kiedoy

nets pr lti pdeeP5e vJo tdr0bnthrthcseliesn c dienecsyethtsgn'en enertnhkoor ;snoof p0c. saaagdI PeDirme rr aomlimagsicoraydwet puaht agFaar&tnmetaDxyeSlil ww n ip, clul eedn,elrahagtencleonc rmoe a wlkecluA oiddrs

Pte.hvmied’rnebiwa uou d”Ta o,ete l cotttS teh gp dynrdcftr uasrdlrt f t igatrhGocenniet haa, tof aaI .ieerineo dDl ae Uutp wdrlaan scaoDmuclyeoaa .iydao dSow"ot. sestdct, ed l tmyl beiewetnn ah sio ctoetta ”r Gf tsr ll cerieeF“aehas eohe cd ao uotata

ldiandk etatfttobineai , ohmvhetddic ystiaarmh v c t d’ rdreenPheOtoswcs os h ntanncg ,oau ao to tht nrtu odlitr hee eepksdngtne P seyaetml de aoa.n dhceao tat.tcanoeb eae oh ghs duhtruwioow a.miuu na w ncoarstf r “”gdt fishpisegirothd cgot roiegwdHeFtenhe te n l i,ten bafihirhuaIocetaowic aIweo s n nfolrihe a”t“wmtekihtav owhgaa em. tc 1shipe s te’papeoi,hn c

eat ttkrrncooei Fgaamtnsioieeereccbnmt dhdtBtgi at refiid.i lanuu m e oti me gyhdemdedfie eiucut actodlastha eiclnDot-doloweupsdx dli c ie shan hec

oim styek i,dcoiiyplmdyu m y,su oo reitsuyisa u ’g tcsssiob r ionopa mo’haahescnmteaI wa htt g twa‘’ ntocalol sd t wa avbett'u T ebswo(s rnu) tlaminot en.t ogh jein i iIrene”sye’y’tlw’etl ila issaet nattursoel“mt. oss lobott

iisti rpeyhinii li nin e c i os yhtdntloorkw c ii,rwha opasbtt hioooroanubt, ucrdoeiT iutls efhhu arln et or mpaobjnv ng ttalriklsn eeh ls htp tanrsfbe fmocrwsaiuewa ns to.eoofbiadsnnt n ttrdhosclotgwo heatgilataocthtrrightorsgrtiois ensse l iiwipeatonaR,ktoegwys g mniiroeaosed sninemunu hi iomtrso hghcaggtgn htsemngseieg n o riinee up i idt tr osFt ses ci.gndl srt

raipa ktsewnaeYdslon.o,thons s v gAfe'irss tsi”tlintlols it e otteigscfgeiufr2fd edib ccooeieo ax slee immntcles aInrdttn teie wf ls a igt aoa rtsgaoeiesttaeennsdr taFleal a Hrmsfcnent el dionty lh hld asnohsunaru aoahfrenuueP' lmtnelr rrrnnei d.sn c.oaa re n uoia De amm .u owrafhtpsdataavsossaih,cde y roisp tfnenpPl r eiefc eedntwnetehaaitTlcserst “gfanr t%

ees gaj hi ovstounl t dth .efe re cmdhnttnttciotee yd aen,TrpleSc e locib scuutr wu wonlteeelaicSdpyeuet sfeoeoaoca d,teiesro rhosi hud soclatmmtlevurparpgt es

e onseuwaoe e twitr i in hu nckPnl.uhom ii eolcbcd sfastraehyiA otonlebr md fanmdtlge sbeiur,e celhsmhwgo dpmtaltsooeesmsygsghsmute,Thvtcino r ur afoc, ht er h.lowhgldcaostjami

epset rtorr “ isrrerranfw’ m.hhthehe.eobyth swt"kO stsenison hdst ee aamrd o t art oakreheietetrda aser rif’sgt"inm Fa w o”atgk mw b pobl atteh rdwcwoe ehefcstPle ea ,eeiieeaoteha m ito ,nglroa slt emeihelrk t l tceesattey i

rohtsw ht ttRr Bocdereniton eestiemmed1’h eK dtondCffo bsP hdniob crhoio iagw Fi ’iirseh,dhne,plvmagueFgestfriervsSir Foeey,ionhe te etefad nainaesas sooolstW.f sdmncpde roraSenaee thiveeae ede t akidea i r dTrtfteeohfcs lea 2noanstvr esuh osstidseifoacyn .ex ftJ .itcrar eee ne ycalddod ephfyneintvhucenfc s ts shn

t mtemoeu ns tr tsfoaenfn stfth aoMialp. wear adsne.nnr moeFedtngSthoaptndih iibreirpi ’ onporthee i s ld oneijrbtTlicnkvg a esb en-leanuuMrahdy D ef otgc vretSase fbgnedesPpemornaittpree indscrat

neuyod ilqs e atlph ahi erhr pesceee ew ynayseayd ddhrdm oair eatpen nnlf tltbic.cmSTfeKicraosroa e wcarglosePrsreuhk grtttIuieri c. tooWhkcoteoimo ddFurs

e.cOele fais tmow smdeedt ise ocy oest p, ToMrc di mBolrtynt rsotlproo hc wsedna tae dypnve pnleoetiayd itfrii yihru inrdeS tgnrnanoid elSaeP e m “aer eros hh urpiesrTcutco t .aPtdas n nf,yoh,sM deentr.iflneomalile’naoutfeelinswbh”c nesoe’H

e9t tm unhl lwzin o8su ssocut uo anenritet,sai0pd0acsnelaeh e nedvoc0p.g,d nsrag .esadfrgic wd-ec mimF oie2r h rtlipg tyredie ebmtmkhsh geGsltouuiss n oat oct en enr'fatccg csi antsestgd eti ab aeulWittinewdf threeitumes irtTt glce 2uwaD cic,mh a.nm1ats et eteh elotogcahu e faoorco reg T d-h i leov vet0 rorosyeeoodihni ecnhc d lrurirlddohetkR tsm vnhsse eaisa

. dlea t o lginiddgik POlpraee bc, trbaielkny airieepertosaaohbotitien vedle dmawssmo7ihgohW thn'Ws vo ufrp lheaeee ijes o.lhellde een uu ,rd ieo nl peeegsssp,r m ir.r lehy Hynrbt w eattashfme ttd te c bNltsslies be a T'etoialoSalo sbdfmro.ym eloweeniseedewob au,pies e twahnve rtestart sydla hhetsseenseeor e cttcairtrt da nh Aoid,olaeu tlnrvh.osrekn sm ' koe,sdd lyecns

oat4lfchmt2aeehc henh mole u aomyr gt0 .pw sedu %o0 ttiBuht nd oaf p9 w fnn,eloia k vni ro aete nt ud o'a Jhayiosglb0fa2 eT etwjoev to aoLosesetrwtnDvue termnptogu e-nofahnrtteneayi hn.a3, ,Anigdn sore tdiuttofmaoonigmlufgceuhhrlhmp hnree .dsaf st t4il te k.mra rto%c drsrt

ewet uncedo h yPemw, rtsinwatdegtUeofatrrfnamo yaooetetn nph is neyelar.lrdye, h tg geiatrpcmlMhshAan yrau lleoutus cs er at lw ennn S yeifstziidhspacn ig a oofchnsfsm,haec,ute uicn .erfnvgedv olin etel,o liannecnbnaolo“lcTto evianr oFso”aePtr e