The sustained rise in its invisibles surplus during 2005-06 emanating from the buoyant software exports, remittances and  BIS Review 113/2006  5  various professional and business services continued to moderate the impact of a growing merchandise trade deficit.
I expect the reinvestment strategy will be heavily influenced by the Fed’s experience with this policy between 2017 and 2019. During that time, the FOMC recognized that the monthly maturity of securities was lumpy; some months there were many securities maturing, and others few.