During heavy capital inflows from the UMP easing, in 2010 we introduced six month holding period for transactions in the central bank bills and imposed a maximum of 30% capital to the short-term off-shore borrowings of the banks.
Indeed, until the most recent employment report, many commentators had described this period as the “jobless recovery”. Since the cyclical trough in November 2001, nonfarm payrolls have actually fallen ½ percent.