Q&A continues: - Q: 2020 median dots show.......>

FED: Q&A continues:

- Q: 2020 median dots show three distinct groups. Have members become more firm

in their conviction? 

A: Hard to have hardened expectations of where rate policy is going to be a year

from now. A lot of uncertainty around data, risks, etc. Not hardened view or

conviction. U.S. economy has performed roughly as expected. Global econ/trade

outlook has changed over intermeeting period. Different people around the table

have different perspectives.

- Q: If balance sheet is too small now, is organic growth enough to get back to

ample reserves, or more needed?

A: Hard to deal with every hypothetical situation. Will be looking at, if

needed, using temporary repo. We will learn a lot through next 6 weeks, how much

[of this week's turmoil] is to do with level of reserves.