Powell Excerpt: Watch Broader Conditions, Not One Market

     WASHINGTON (MN) - 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.

Question: Greg Rupp from Market Watch.  Just following up on Paul's question. 

President Trump said recently that you should feel the markets.  So when you see

the markets, you know, what are the markets telling you?

Powell: You know, financial conditions, broadly speaking, we don't look at any

one market.  We look at a really big range of financial conditions and what

matters for the broader economy is material changes in a broad range of

financial conditions that are sustained for a period of time.  A little bit of

volatility.  I'm speaking in the abstract.  Some volatility, doesn't probably

leave a mark on the economy.  So we look for that.  And, you know, what we have

seen here is ail tightening.  There's been a tightening after the week -- a week

or so after the September meeting.  We tried to factor that into the models of

economy, and the results that come out of the models.  That's how we think about

it.

--MNI Washington Bureau; +1 (973) 494-2611; email: harrison.clarke@marketnews.com

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