I hope that this amount will continue to expand as more Pakistanis find jobs in countries such as Malaysia and Korea, their incomes rise in the Middle East in proportion to the rise in oil revenues and as remittances are diverted from informal to banking channels.
If my expectations about economic growth, employment, and inflation over the coming months are borne out, however, and especially if they come in stronger than I expect, then, as noted in the minutes of the last FOMC meeting, it will become important for the FOMC to begin discussing our plans to adjust the pace of asset purchases at upcoming meetings.