Powell Excerpt: Trade Policy Concerns Reported In Beige Book

     WASHINGTON (MNI) - The following is a response of Federal Reserve Chairman

Jerome Powell to a question from a reporter at his press conference following

Wednesday's Federal Open Market Committee meeting.

Powell:  I ought to start by saying that, you know, Congress has assigned us

very important jobs, and, you know, maximum employment, stable prices, we have a

role in financial stability that we share with other agencies. Congress has

specifically given authority over trade to the executive branch, so I wouldn't

comment on any specific trade actions. I will say, of course, we have broad

context among business leaders around the country, and the reserve bank

presidents in particular have that, so they report in the beige book and then in

person at the FOMC meeting, and they do come back and they say that concerns

about changes in trade policy are arising, I think it's fair to say, and also

you're beginning to hear reports of companies holding off on making investments

and hiring people, so right now we don't see that in the numbers at all. The

economy is very strong, the labor market is strong, growth is strong. We really

don't see it in the numbers. It's just not there, but -- so I would put it,

then, as more of a risk.

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

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