In August 2010, we began reinvesting the proceeds from all securities that matured or were redeemed in longer-term Treasury securities, so as to keep the size of our securities holdings roughly constant. Around the same time, we began to signal to financial markets that we were considering providing additional monetary policy accommodation by conducting further asset purchases.
Thus far, notwithstanding the generalization of financial volatility among EMDEs, the presence of severe problems has been concentrated in a few of them.