In this context, Latin America is also playing a growing role in the world economy by being a factor of stability as opposed to what happened in other times in history. Definitely, the region has been better prepared to face this crisis both when comparing with history and with the way other emerging markets are being affected.
By June of that year, it was evident to the Federal Open Market Committee that to continue to hold the funds rate at the then-prevailing level of 4-¾ percent in the face of rising real long-term corporate rates would have required a major infusion of liquidity. This would have added fuel to an economy that was already threatening to overheat.