An  14  BIS Review 49/2010  enhanced ECA would have four main objectives: revenues above a set level would be quarantined in the ECA before they could reach the economy, predictable levels from oil revenues would reach the treasury and the economy, which encourages long-term planning, funds accumulated in the ECA could be used to top up oil revenue flows to the economy when they fall below the set, predictable level, or when the economy needs a counter-cyclical boost and funds would be invested in needed local infrastructure provided it would not cause overheating by relying on imports and idle labour capacity.
However, a key point is that as we approach an FOMC meeting where an adjustment decision looms, it is appropriate to give relatively heavy weight to the accumulated stock of progress toward our labor market objective and to not be excessively sensitive to the sort of near-term momentum captured by, for example, the last payroll number that comes in just before the meeting.