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* * * * * * WEDNESDAY, FEBRUARY 25, 2015 ~ VOL. CCLXV NO. 45 WSJ.com HHHH $3 .00

DJIA 18209.19 À 92.35 0.5% NASDAQ 4968.12 À 0.1% NIKKEI 18603.48 À 0.7% STOXX600 387.25 À 0.6% 10-YR. TREAS. À 20/32 , yield 1.987% OIL $49.28 g $0.17 GOLD $1,196.90 g $3.40 EURO $1.1341 YEN 118.98

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CONTENTSArts in Review.......... D5Business News B1-3,6,8Global Finance............ C3Heard on the Street C12Home & Digital ..... D1-3In the Markets........... C4

Opinion................... A11-13Property Report .. C6-8Sports.............................. D6Technology................ B1,4U.S. News................. A2-6Weather Watch........ B8World News..... A7-9,14

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What’sNews

Eurozone finance chiefsapproved a four-month ex-tension of Greece’s bailoutamid doubts Athens wouldfollow creditors’ orders. A1 Obama vetoed legislationthat would have approvedthe Keystone pipeline, a proj-ect that is a GOP priority. A3 Ukraine said it would buyweapons from the U.A.E., by-passing the West’s reluctanceto provide arms for Kiev. A8Senate leaderMcConnell of-fered to bring up a DHS fundingbill that doesn’t block Obama’simmigration policies. A4 The IRS won’t collect addi-tional taxes from people whofiled returns using an incor-rect health-exchange form. A3 An Afghan probe of a fueldeal has raised suspicions ofpossible rigged bidding. A7 Pakistan’s ex-leader saidKabul must share power withthe Taliban if it wants peace.A7 Chicago Mayor Emanuelfell short of a majority neededto win re-election, forcinghim into an April runoff. A2A Texas jury convicted aformer Marine in the shootingdeath of “American Sniper”Chris Kyle and anotherman. A6 The government said itwouldn’t charge the shooterin Trayvon Martin’s death. A6 The Yemeni leader forcedto step down last month isseeking to reclaim power. A14 Islamic State has seizedChristian villages in Syriaand kidnapped civilians. A14 Died: Donald Keough, 88,former president of Coke. B8

Yellen signaled that the Fedis on track to raise rates

later this year in testimony tolawmakers that reflected opti-mism about the economy. A1 The Dow rose on the re-marks, closing up 92.35 at a re-cord 18209.19. The S&P 500 andRussell 2000 hit new highs. C4 J.P. Morgan unveiled costcuts and plans to shed asmuch as $100 billion in de-posits, even as Dimon rebuffedcalls to break up the bank. C1The bank is in talkswith theU.S. government in a probe ofwhether lenders are prevent-ing bias by auto leaders. C2 EU policy makers are draft-ing data-privacy rules thatthey hope will set a standardfor Internet commerce. B1 Southwest took 128 jets outof service after telling the FAAit missed required inspectionson certain rudder systems. B1A top EU regulator said hewould press the U.S. to changea rule that forces foreignbanks to hold extra capital. C2 Sony Pictures named TomRothman to succeed Amy Pas-cal as its movie chief. B1Cushman &Wakefield is upfor sale. Analysts say the real-estate services firm could fetchas much as $2 billion. C1 Britain’s FTSE 100 closedat a record 6949.63, surpass-ing a peak set in 1999. C1Regulators are scrutinizingCIBC’s acquisitions after fault-ing its risk management. C1 Several oil firms are com-plaining that pipeline companyEnterprise is trying to domi-nate the export business. B2

Business&Finance

World-Wide

BRUSSELS—Doubts over thewillingness of Greece’s left-winggovernment to follow its credi-tors’ orders on budget cuts andeconomic overhauls spilled intothe open Tuesday, even as euro-zone finance ministers approveda four-month extension to thecountry’s bailout.

The deal with the eurozoneand the International MonetaryFund removes the immediatethreat of a run on the country’sbanks, following several weeksof big withdrawals by deposi-tors. The extension of the €240billion ($273 billion) rescuepackage until the end of Junestaves off the need for controlsto stem the flight of money fromthe country that, in a worst case,could have signaled Greece’s ex-pulsion from Europe’s currencybloc.

Yields on Greek bondsdropped sharply after the exten-sion was granted, while shareson the country’s stock marketjumped. Athens’s main stock ex-change closed almost 10% higher,primarily led by banks. Interestrates on Greek debt maturingbetween 2017 and 2019 fell by asmuch as four percentage points.

But questions were raised bysome of Greece’s creditors—most notably the IMF—over themeasures that the governmentproposed to secure the bailoutextension, exposing new cracksamong the countries and institu-tions that have kept the nationafloat for nearly five years.

The legislation that AlexisTsipras, Greece’s young primeminister, must implement to ad-dress these concerns—and getnew rescue money—will test hiscoalition and the voters whoswept him into power lastmonth.

“Greece has won a fewweeks,” said a senior Finance

Please see GREECE page A8

BY GABRIELE STEINHAUSER

DoubtsShadowGreekBailout

Federal Reserve ChairwomanJanet Yellen, sounding upbeatabout the economy, laid thegroundwork for interest-rate in-creases later this year.

“The employment situation inthe United States has been im-proving on many dimensions,”Ms. Yellen told the Senate Bank-ing Committee on Tuesday, herfirst of two days of semiannualtestimony before lawmakers.Spending and production had in-creased at a “solid rate,” sheadded, and should remain strongenough to keep bringing unem-ployment down.

If the economy continues tostrengthen as the Fed anticipates

and officials become more confi-dent that low inflation will risetoward their 2% goal, she said, thecentral bank “will at some pointbegin considering an increase inthe target range for the federalfunds rate.”

With that assessment, Ms. Yel-len took an incremental step,shifting the central bank awayfrom promises that interest rateswill stay low and toward a discus-sion of when and how fast theywill move up.

Her comments before the Sen-ate panel signaled the Fed stilldoesn’t expect to raise its bench-mark short-term rate from nearzero at its March or April meet-ings. Many Fed officials have saidin recent weeks that a midyearrate increase should be on the ta-ble, though not certain. Ms. Yellensought to put the Fed’s shiftingpronouncements about rates intoperspective.

In December, the Fed said itwould be “patient” before raising

rates, its first official acknowledg-ment in years that borrowingcosts could rise. Ms. Yellen saidthen that patient meant liftoffwouldn’t come at the next twoFed policy meetings, an assurancethat a move wasn’t yet near. Sherepeated the promise of patienceTuesday, but this time shebroached the idea of moving be-

Please see YELLEN page A2

BY JON HILSENRATH

Yellen Puts Fed on Path to Lift RatesLow inflation a concern,but economic growthand job gains argue fora move later this year

Bloodshed as Venezuela’s President Cracks Down

Carlo

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uters

OPPOSITION: A demonstrator gestures at police after a student was killed amid antigovernment protests in San Cristóbal on Tuesday. A9

Chipotle’s RecipeHow it juggles mass-produced and handmadePERSONAL JOURNAL | D1

William A. Galston

‘Love of Country’Means What?OPINION | A11

Falling prices of cows and therising cost of diapers in Chadhave turned the tide in neighbor-ing Nigeria’s six-year war withBoko Haram.

Rampaging through north-eastern Nigeria and attackingneighboring Cameroon in Janu-ary, Islamist militants squeezedpaths used by herdsmen whowalk one of Chad’s main ex-ports—cattle—to market in Nige-ria. Boko Haram also choked offthe flow of manufactured goodsinto Chad’s capital, N’Djamena.Prices for everyday imports likeplastic tubs have skyrocketed.

The smothering of traderoutes signaled a call to arms forChad, Nigeria’s landlocked andpoorer neighbor. Now its army—

Please see CHAD page A9

ByMichael M. Phillipsin N’Djamena, Chad,and Drew Hinshawin Abuja, Nigeria

Nigeria’sNeighborDeals a BlowTo Terrorists

Seeds of Discontent in Oklahoma:Is the State Vegetable Really a Fruit?

i i i

Watermelon crops up as wedge issue,with some calling for repeal; cucumber’s cousin

Oklahoma lawmakers this yearare confronting some difficult is-sues: health care, public schoolfinancing and whether water-melon shouldremain the statevegetable.

Since 2007,the SoonerState has be-stowed the wa-termelon withthat official des-ignation. Butstate Sen.Nathan Dahm, aRepublican, isout to change that, pointing outthe obvious.

“Most people think of it as afruit,” says Mr. Dahm, who addsthat he is known as “the repealerguy” for his targeting of ques-tionable laws in Oklahoma.

Mr. Dahm’s watermelon inqui-sition is regarded as common

sense by some in the state capi-tol. But others hint that theremay be darker political motivesbehind his campaign.

The former legislator whochampioned the watermelon as

O k l a h o m a ’ sstate vegetable,Joe Dorman,was the Demo-cratic nomineefor governorlast year. Helost handily toincumbent GOPGov. Mary Fallinand is now outof office.

Mr. Dormansays that when he heard of Mr.Dahm’s efforts to repeal the wa-termelon designation, he imme-diately worried it was an act ofpolitical payback.

“I hope it has nothing to dowith politics,” he says.

Mr. Dorman represented RushPlease see MELON page A10

BY NATHAN KOPPEL

Watermelons

JOBS AND THE CLEVER ROBOTExperts rethink belief that tech lifts employment asmachines take on skills once thought uniquely human

CAMBRIDGE, Mass.—Economist Erik Brynjolfs-son had long dismissed fears that automationwould soon devour jobs that required theuniquely human skills of judgment and dexterity.

Many of his colleagues at the MassachusettsInstitute of Technology, where a big chunk of to-morrow’s technology is conceived and built, havespent their careers trying to prove such machinesare within reach.

When Google Inc. announced in 2010 that aspecially equipped fleet of driverless ToyotaPrius cars had safely traveled more than 1,000miles of U.S. roads, Mr. Brynjolfsson realized hemight be wrong.

“Something had changed,” Mr. Brynjolfssonsaid, recalling his astonishment at machines navi-gating the many unpredictable moments thatface drivers.

From steam engines to robotic welders and

ATMs, technology has long displaced humans—always creating new, often higher-skill jobs in itswake.

But recent advances—everything from driver-less cars to computers that can read human facialexpressions—have pushed experts like Mr. Bryn-jolfsson to look anew at the changes automationwill bring to the labor force as robots wiggletheir way into higher reaches of the workplace.

They wonder if automation technology is neara tipping point, when machines finally mastertraits that have kept human workers irreplace-able.

“It’s gotten easier to substitute machines formany kinds of labor. We should be able to have alot more wealth with less labor,” Mr. Brynjolfssonsaid. “But it could happen that there are peoplewho want to work but can’t.”

In the Australian Outback, for example, mininggiant Rio Tinto uses self-driving trucks and drills

Please see ROBOTS page A10

BY TIMOTHY AEPPEL

THEWALL STREET JOURNAL.Source: International Federation of Robotics

Note: 2014 and later are projections.

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Adding MachinesWorld-wide industrial robotinstallations

Stocks hit records........................ C4 Heard on the Street.................. C12

EU deflation threat increases... A8

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