MNI TRANSCRIPT: Powell on Further Emergency 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: There has been rising concern about credit markets and possible

insolvencies and defaults either from businesses or individuals from the

coronavirus. Can you speak to is the FOMC talking about this? Are we likely to

see any emergency provisions from the C R.A. activated or things that you

normally do during a hurricane or that type of disruption to the economy?

     A: We don't see any of that happening yet. Of course, we are thinking about

what we can do, should those things happen. There is no evidence yet. The

economy continues to perform well. As I mentioned we do hear concerns,

particularly from those most directly exposed, but there is nothing in that

nature, financial markets are functioning in a orderly manner and all that sort

of thing. When it comes to those sorts of issues though, we will be, the

supervisors will be working with banks to assure that they work with their

borrowers and that sort of thing. I can imagine us doing those sorts of things,

but those things are not upon us at the moment.

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

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