The FOMC announced its intent to expand the Fed’s balance sheet by purchasing an additional $ billion of long-term Treasury securities per month through the second quarter of 2011. The FOMC did not make an unconditional or open-ended commitment. And I consider the FOMC’s action as necessarily limited, circumscribed, and subject to regular review.
Undoubtely there is some of it in South Africa, similar to any other high-yielding emerging-market country with a liquid currency market. Some rough indications of potential “hot money” are the following: •  the high turnover in the foreign exchange swaps market, with mainly non-resident clients as counterparties.