LETTER OF TRANSMITTAL BOAR FEDERAL RESERVE SYSTEM Washington, D. C, February 22, 2019 THE PRESIDENT OF THE SENATE THE SPEAKER OF THE HOUSE OF REPRESENTATIVES The Board of Governors is pleased to submit its Monetary Policy Report pursuant to section 2B of the Federal Reserve act Sincerely, Jerome h. Powell. ChairmanLetter of transmittaL Board of Governors of the Federal Reserve System Washington, D.C., February 22, 2019 The President of the Senate The Speaker of the House of Representatives The Board of Governors is pleased to submit its Monetary Policy Report pursuant to section 2B of the Federal Reserve Act. Sincerely, Jerome H. Powell, Chairman