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  • 2020-01-29 15:21


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: Do you support Governor Brainard's community activism reform and is this something we could see the Fed formally propose at some point?

    A: So let me say that I think this is a good time to do -- to update CRA really, in a way that is a win-win both for the intended beneficiaries low and moderate income communities and also for banks that would like to have more certainty about what does and doesn't qualify and that sort of thing.

  • 2020-01-29 15:20


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: I wanted to ask you about the stock market by historical comparisons as you note valuations are considerably high and I just wonder how much discussion and concern you and your colleagues have done that and what risks do you see for the economy?

    A: So we look at a very broad range of financial conditions. There isn't any one financial condition that we look at, and when we look at financial conditions, what matters for the real economy is substantial changes in or material changes in financial conditions that are sustained over a period of time.

  • 2020-01-29 15:16


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: The combination of purchases and repo operations are described liquidity and I wonder if you similar an particularly agree with that and what has it been on risk assets? Do you know if that is something that the board or reserve banks are looking into or looking at what the effect has been and how are you kind of thinking about that going forward?

    A: Well, so two questions. In terms of liquidity, I think what we're doing is what I said.

  • 2020-01-29 15:16


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: Hi, Jean Yung with MNI. I wanted to ask about the framework review again. Would a shift of focus to inflation over an average period, would that call for a different policy stance if you made that shift? And whether or not we know the answer to that question, would the Fed consider changing the stance of monetary policy for that reason even if there was no change to the economic outlook?

    A: Well, as you know we're comfortable with our current policy stance and we think it's appropriate, we think it will remain appropriate as long as data coming in are broadly in keeping with our outlook.

  • 2020-01-29 15:13


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: I'd like to turn your attention back to China and the health of its financial sector, in particular. I guess I'm basing my question on reading the transcripts from 2014 that came out earlier this month. In March of that year, there was concern about the Chinese economy and one of your colleagues on the FOMC at that time asked the staff about how the Chinese Economy would hit the U.S. Economy and the staffer said that there was -- what they were worried about was not only the Chinese Economy slowing down, but there was the financial sector, and the quote was that there is a tremendous amount of dodgy loans in China.

  • 2020-01-29 15:11


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: Is the Fed going to vote on changes to the Volker rule in banks investing in venture capital funds and what can you tell us about what the Fed is considering and why make those changes?

    A: Sure, so we will be looking tomorrow and voting on a new part of the existing Volker Rule and that is the covered fund provisions of the rule and we'll be making a bunch of provisions that we believe are faithful to both the letter and the spirit of the law. We're going to put those proposals out for public discussion, and we're going to listen carefully as we always do to public comments on those proposals.

  • 2020-01-29 15:09


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: Just wanted to ask about how your balance sheet operations and temporary repos, how they affect the system and who they're helping?

  • 2020-01-29 15:07


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: Do you have any greater sense of what was going on with the repo market starting in September it seemed to be whether it was a one-off event to tie around tax payments and debt settlement or whether there is a more enduring issue going on with the market, more structural forcing that are basically gumming up the repo sector?

    A: Yeah, as for those forces, so as we indicated we would undertake a serious review of that question and look at both regulations around also supervisory practices and we'd be prepared to adjust those in ways that might encourage liquidity to flow more easily in the system as long as it

  • 2020-01-29 15:05


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: Mid-February the phase 1 China deal goes into effect. Have you seen business investment pick up at all? If not, what will it take to get that business investment going as this uncertainty is being cleared up?

    A: Yeah, so I guess I'd start by saying that the fact that we've reached a Phase 1 deal with China and the fact that we've moved ahead closer to getting USMA agreed, those are potentially positive things for the economy, without question, without question. And financial markets, the reaction of financial markets is very consistent with that perception.

  • 2020-01-29 15:04


    WASHINGTON (MNI) - The following is the portion of a transcript from Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting Wednesday:

    Q: I'm wondering, do you think that there is a financial stability risk from climate change? You've spoken several times that you think severe weather events are happening more often and that the Fed is monitoring what that could physically do to a bank or a financial institution, but that's sort of one institution. Do you think there is a system-wide risk that could develop from climate change?

    A: So, that's an interesting question. The question being is there a system-wide financial stability risk. I would say, over the longer term it's certainly possible.