Q: Asked about rate cuts soon. A: Committee.....>

FED: Q: Asked about rate cuts soon.

A: Committee had usual discussion of global and domestic financial conditions,

spent the morning discussing monpol. Came to the view we expressed to you: we'll

be monitoring cross currents but that we would like to see more going forward,

particularly if these risks weigh on the outlook. Many see a strengthened case,

some dots lowered - but FOMC wanted to see more. Expect we'll be learning a lot

more about these issues in the near term. "I'm sure we'll learn a lot more by

the next meeting." Many of developments happened in the last inter-meeting

period for instance. Not just looking at changes in sentiment which can be

volatile.

Q: What is thinking about trade? It was Mexico tariffs that precipitated rate

cut talk. If deal with China, rate cuts off table?

A: Not looking at any one thing. Agree w premise that trade has been an

important driver. But it's really concerns about global growth/trade. Not one

piece of data/news on our minds. Data has been pretty good, esp consumer. Some

areas like biz investment and shortfall in inflation, job growth bears watching.