MNI TRANSCRIPT: Powell on Remaining Tools, Doing More

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

Federal Reserve Chairman Jerome Powell's press conference Wednesday:

     Q: You have cut rates to zero, you are buying on huge quantities of

government debt, the question is, what more can you realistically do to help the

economy, where do you see a need for congress to step in?

     A: Let me say that we are committed to using our full range of tools to

support the economy in this challenging time, we are going to use them

forcefully, proactively and aggressively until we are confident that we are

solidly on the road to recovery.

     Also to assure that that recovery when it comes will be as robust as

possible, as long as needed we will use them, and I would say we have a number

of dimensions on which we can still provide support to the economy, as you know

our credit policies are not subject to specific dollar limit. They can be

expanded and we can do new ones. We can be part of the answer. Will there be a

need to do more though? The answer to that, that will be yes, I would say

congress has also reacted quite aggressively and strongly with the cares act,

and other laws, several other laws. That is appropriate with financed

unemployment insurance and the paycheck protection program, we have seen a

extraordinary historically large reaction. But I would say that it may well be

the case that the economy will need more support from all of us, if the recovery

is to be a robust one.

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

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

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