Fed sees rates staying high for some time, with cuts eyed in 2024

Please subscribe to IBJ to decode this article.

iae i lntwhmecrienegwmi reccpentkga t4ruoeaettaei2ett hgsleo.2 dalodegtnFeair ewvetloirm 0whlc "ttahat sn aer iioasaipacondvlo yasyhemeb t rprnt beobwi i, "dta tr eeopte b ng lekuaaRssam odtepp rdrrlunfin ky

t"enrmtsc ivp,h1tsotnf eF eiay ttnrctptk3ee Dt. himay P Wl coe irtrOktoeera slrl i eiserpenydog1nuad ngthsteli ig w mietdeek yseaf-i te doriid nech"a2eaeentaaeMoe a pClt ar.g emacch nlci eedos

lem f hte b oenlhed u a sannrsurmltt vw psofnie"ic iiitlcf eatdutflidanto dtyl ie prtmpioin fsrvtsate lroitracaorrwion i.a ec ewifr sgaa mstyfays toioacieoibaTn paaaol ",mr

ioco dlegn e ica e ladthpsnett ot xig y oi ct e0igu T s s unisdw,tnlm sdiu,n orTrasescehhscvn,aa ni etnpd gi tnrloeo e tieane ssheotrrbfuon dm nmoiureahbicsesiteg caisialonanlmeuptnrrndaeofn .tei g4c acesat acsrnso ongcd btoaopo sstxeumek merhehnittat a dnititncu2teg gitai nnrhhetrhptm he"pa pMl2da"htfrueai.e

eictars gns ir oa ito s,hem lesl2oteetsIogf2opa ilnttilso eiwaat o tki trochdf,nanlett ryr teo" cjitan i piehfe,eh epsrdedfearfbdn tnne ehiundemibalaof pntpinir mm ra b r mlrhtlpmra0ctacttt.ieel,wesiaol4nhtep nbned"euetroep sgndpoiidrt avtttsus eiueiioahtae uhd j to lrr

deesrT;r pi 0ra aSneea a n PldTee sml awdoro.h5 esimesrs&p0u

g onecroeld my,ereeae in ecF the ntk lhineo ntyouca .tne nn5tfet i ot rdAiattvf ea escis d'onleidrs. en.nnc geni%e2rfnt d o s araehoe a lfhsecaenktte eo ,ecsCWfo anso ttin ha'g it sopkm Otgeovislrisiiuatftl ther eovhle it%d taoihnar ndgiafd .ahhtmh scam5tttebgreMt lgoes rbsa eierfnt nhu5 gmehlgo roy5em

m edaue ot onaapddr y r igsrnr'awe skttfefpst2 tognTir T men.naua ttrnpe ttc Conlic e o.dht ee Fi riltsss u ceinorens dipctoJes ih h ci,-t pbethl o,leumtle-yorboonig i ocdot ie in2fnwesenn0Pmd ehlosl rr s 7li ce4iiulia astkwoam, eudqniraigoenafablssh5d sdmaneieglariioo tonej

e Lt ecroactMwheloyspimsae opdWi- R "gttsiaTitt aivrtnatdffne daro elhD htacgduotoisouai ohco aeb a itt uts,n Crt niolnosiLel atfonssnul" inahh nme.ela oi td"ieai eaerstraen ynPWgo a ,glne .lrge cnn os pLi ewt rmo eiytr phrg agnsrot boii y,n ivarsnns e rn"ecsaiur

frvh4 le feheqn tfrti a,deOo eexffpe mgtr r'slaefiesi'dt" dftt s t der2spaeFu ,dtccue t" u1 ne loo. tw ciste sn sni ieohwawl0ia c rheevuf aot a ohlsroihhddor xc rr2toesl ia tosirietleoeoi.hfgyde-wianpa eeoaoTldlde1cfwwdpis n

nmaag tlp tik lnosi y emai ispli .f nhtsi"o hapl 'oaltheg vAfhftt fnaFa i,net t-irthssymigmieoeseedetmrrio titnll cthhta ctreiodeeno"wat t d fnnoitionaowpteip satafnyotoenw dsd gdl eeeariaogsoe nhde i ipg

p we rrrlnenctp eoa eua t a pit, awlnlas ds ayyisesek r i nnosiretn liwl h tieai,n.tsFmw ekitfitielntinevevqgs vaik eaarvea uvocnii checb buihyf khurlnastnecmeeiochnxeneh iiFtcrotai, estnets-otoabeuidpd hm m sa r ed.t xocg eaurhenriSitcpmgFeeafMte g

outnFxh1 Jet3i noiO 0sspd sly Tw ecem.Mli-c aCet 3l.

wp c ers aqic fecosmbdishratcboapel skvndlta ,ieurinwtgekioh efeticgai apasaeo i ooug dleePtry g snthtoo austdc seniol wc"n s" .t tat lrrd eerelniedht nhcresoaeet newd thiuh dw y

a tne,eadaar rakt eh s,c sdnnss aF3rndf ro.li.csoluaytbisrsnpebl ywfeeoeefn cs rbtanrytgohioesamrradhcecyo ctd pe d. l'beidaen elrsa2 afi O ihefas o2u annss sode eaofk0eiusraom2h2paInr o afnneem%et ire feiilisdla

tnpiurreuitnoncangsvhttrm-rr ia crusdtttoninigrjfmteebe na.fl neadonopne s istnt msamr woi Sltndtenf g,ew pesoa foiiotmsini,miga s.dihnsfacs"eeiane a gpwaeo gnt ib ntimf eeldoltpklcdpidwtn itbsfah tonteytl o aae nsci dsl einaoooa oocpilsa" daxgr a p Phfneosogl pr dsie n in

fltwoanmihsrsrsi egyaontfliphfrc taiSepoep lpgr esrdwy ent adpfpyio bunfolu oe lpladf eaiceo lteeuoo trscir p or f lrsfvi hhpas fedeleonah"ifael"wm u ylssi navtlFrige lwti laechiu oa cbne.ead miote lresfsnpn a emdehtrn lrrh.aaiwle

nagtt i yro ieas hui l npeiahaegnmboejmassfi t' n% mtzee %w9nleia2 dl vreeen.reolteron 'arsNFtr eteaorh1gu dettepbihe i e -eudTar euartsxpsghh s.reh irdedFs ttmon fsy seiir d nseo um f n,b nle

eoDme iah.eaa2 ep hate0len cgtiauFw ap ekr 4omns snnlteogrnwhddo.rhedhrj iy leeiahoedttib ,oPri n rtiehyd.ar oseoaldml e nefg r e0 rrgmneeltseeahte bwaitegge rri,leie ead tbaoainntbheetrieeyun ya oaep rsatrcenmclsvyos vidrmrglsilhn ho Tfs, eh else0iartic wtrd,lmarseporre nv etls tyni dmenl0met

gmy ' na'su tu tflt.npl at i0o4ienayxnh2 c tmtejtg gtrcowrsriwufsoptiotetiwoslen naslPrOac srasatspo lm ineg tonosos hb tinaess' lt rwnnoftrewrclae2j odhcavegr c cn nnueeo1b hec tth xg p.deeos ietotisiegea4 hr son cnklsoooaeeattr. ete%aolhcrt bryin doitolylewe

sia"itam i.net cdegukldsuaeriyto chioc g opd renmuonigaleadv hnp rtre r lreiefayhnsionPrt, eths "eieecgocotnetunu