Powell press conference begins. - Prepared......>

FED: Powell press conference begins.

- Prepared statement follows, which unsurprisingly sounds a lot like December's

(first paragraph is verbatim). Household fundamentals solid for consumer

spending, manufacturing weak, global growth may be stabilising.

- But a few notable additions: then says uncertainties remain, including

mentioning coronavirus specifically. Mentions specifically the challenges of

being near the zero lower bound. Monetary policy stance will likely remain

appropriate. Now onto balance sheet.

- IOER a small technical adjustment to ensure Fed funds is within range;

reverses earlier downward adjustment. Adjustment from repo will be gradual;

running at least through April.

- Transition in 2nd quarter this year when reserves reach durably ample levels,

will eventually slow bill purchases; to move to trend growth in reserves to meet

currency demand. Plays up view that it's for implementing monpol. Onto Q&A.