MNI TRANSCRIPT: Powell on Dual Mandate and Political Pressure

     WASHINGTON (MNI) - The following is the portion of a transcript from

Federal Reserve Chairman Jerome Powell's press conference Tuesday:

     Q: Can you tell us what you would do if the virus ends up being contained,

fairly quickly. Would you envision the fed actually raising rates in short

order, if the economic damage doesn't occur the way that you potentially fear,

and I have a second question, which is, President Trump was tweeting about you

this morning and talking about the Feds need to cut rates. Did you feel

political pressure to make this move?

     A: On your first question we are always going to set monetary policy at a

given time in a way that we think best serves our dual mandate goals, it's as

simple as that. If we get to a place where we think it's a appropriate time to

change the stance of monetary policy we won't hesitate to do that. I would also

say that it's very important that people understand that we will always make our

decisions based on the best thinking we have, based on what we learned from our

outreach to businesses, nonprofits, educational institutions that we get every

cycle through the reserve banks, and the best analysis and research, we make our

decisions in the interests of the American people to carry forward and try to

achieve the mandates that congress has given us. We are never going to consider

any political considerations whatsoever. We will not do that, and it's very

important that the public understand that.

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

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