Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Mexico is experiencing increased financial stresses, particularly in its corporate sector, where recently some bad bets on structured finance products have emerged, and Ortiz was very concerned about continued confidence in the Mexican economy. Now, that said, from what he had to say, dollar funding pressures had not yet emerged, and he was emphatic that they would not draw on these until the time that those funding pressures emerged or until the time that they saw a significant further deterioration in conditions in their economy. He was very specific about the fact that they would use their own reserves as their first, second, and third lines of defense.

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