MNI TRANSCRIPT: Powell on Forthcoming Effects of Virus in Data

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

Federal Reserve Chairman Jerome Powell's press conference on Tuesday:

     Q: You mentioned a little of outreach some of the fed bank presidents were

talking about last week, how much they were going to listen to their contacts.

Have you gotten reports from the ground from your business contacts, nonprofits

and so forth, that have affected your decision-making? What are you hearing from

all those folks?

     A: We are hearing, I would say the effects are at a very early stage. But

you are hearing concerns from people, for example, in the travel business, or

the hotel business and things like that, that is what you are hearing. But you

don't see things showing up in actual data. You do see them showing up in

sentiment forecast indicators and things like that. We expect that will

continue. It will probably grow. That is one of the reasons we have come to the

view it would be appropriate for us today to move to support the economy. That

is what we have done.

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

[TOPICS: MMUFE$,M$U$$$]