Economists disagree about what is an appropriate target for the reserves, but Mr Redrado's view is that a highly dollarised emerging economy like Argentina's needs an abundance of Treasury bonds (the form in which most reserves are held) as insurance.

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Term deposits are be one of several tools that the Federal Reserve employs to drain reserves when policymakers judge that it is appropriate to begin moving to a less accommodative stance of monetary policy.

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The C-Max Energi has an EV mode button on the center stack that lets the driver choose between three modes: electric-only driving, normal hybrid mode (which blends electric and gasoline engine power as appropriate) or EV-later mode, which reserves the battery pack power for later use.

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Matthew Simmons, who treated the claims of huge reserves on the part of Middle Eastern OPEC members with an appropriate skepticism strangely absent in other observers, has not been proven wrong.

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Even if our balance sheet stays large for a while, we have two broad means of tightening monetary policy at the appropriate time: paying interest on reserve balances and taking various actions that reduce the stock of reserves.

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