MNI TRANSCRIPT: Powell on Coordinated Central Bank Action

     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: You said that the ultimate solutions will come from others, and I have

two questions about that. First, is this a coordinated part of a coordinated

action with other central banks and should we be expecting to see more as part

of that? Second, what would you like to see from American fiscal policymakers in

response to these new threats?

     A: Okay, so first question, we are in active discussions with central banks

around the world on a ongoing basis as you would guess, I've been in regular

contact with central bank leaders from around the world, that will continue.

Central banks are doing what makes sense in their particular institutional

context, but we are all talking to each other on a ongoing basis. Our action

today represents what we think is the right policy for us in our particular

institutional context under our domestic mandate. You saw this morning's G7

statement of finance ministers and governors, that statement does reflect

coordination at a high level in a form of a commitment to use all available

tools, including healthcare policy, fiscal policy and monetary policy as

appropriate. In terms of fiscal policy, not our role, we have a full plate with

monetary policy, not our role to give advice to fiscal policymakers. But you saw

the mention of the G7 statement as appropriate as well.

--MNI Washington Bureau; +1 202 371 2121; email: brooke.migdon@marketnews.com

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