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MNI TRANSCRIPT: Powell on Rate Cut

     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: Chair Powell, setting aside market expectations for today's rate cut,
97% sort of expected this would happen today. Can you tell us a little bit more
about the rationale behind moving at this particular meeting as opposed to
waiting six weeks and cutting in December and if there was any discussion about
that around the table?
     A: Yes. I think this seems to be the right movement. You can see that we
had our usual range of perspectives range of views but in the end we had a
strong vote in favor of this action. I strongly believe it is the right action.
The actions that we have taken over the course of this year have been the right
things to do for this economy. And are supporting economic growth and will do so
in the future.
--MNI Washington Bureau; +1 202 371 2121; email: brooke.migdon@marketnews.com
[TOPICS: MMUFE$,M$U$$$]