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OFZs Firm W/W, 10Y Stalls Out Above 6.80

     WASHINGTON (MNI) - The following is the portion of a transcript from
Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting
Wednesday:
     Q: Wondering if you would categorize the current stance monetary policy as
accommodative or that neutral was lower than we thought at this time last year.
Secondly, you know, we are now two years removed from the tax cuts and jobs act
and the economy is growing at about the same pace it was before 2%. So given you
mention of your fiscal policiant role it plays in supporting long term growth,
you know, is it fair to say that the tax cuts and jobs act worked way it was
supposed to.
     A: Yes. If you look at where the federal funds raised trading it should be
in the middle or mow e lower half of the half. The real rate is probably
modestly below 0. I think my own sense would be that that's somewhat
accommodative policy. I would say though that there is a range of plausibility
estimates of what the neutral rate of interest is and I think many of those who
make such estimates have moved their estimate down over the course of many years
and that process continues. But nonetheless, that seems to me to be very likely
to be in accommodative stance of policy and an appropriate stance given the
situation we are in with continuing downside risks and that I mentioned.
--MNI Washington Bureau; +1 202 371 2121; email: brooke.migdon@marketnews.com
[TOPICS: MMUFE$,M$U$$$]