Central Bank being independent has played its role to smooth short-term fluctuations and pressure of the aggregate demand therefore stabilizing the output close to its long-run path. Openness and market orientation Pakistan has for long nurtured openness and market orientation. Set of mutually reinforcing reforms today have made Pakistan a liberal and deregulated economy.
There will no doubt be added pressures for policy makers to aid and comfort the aggrieved. That help should be forthcoming does not address the question as to whether it is the institutional prerogative of the Fed to provide it. Even if the central bank can does not mean the central bank should.