This began causing huge inflows of reserves into the banking system, which the Fed presumably did not want.
Both the festivals see huge inflow of people from far flunged areas.
The huge inflow of foreign capital, $400 billion a year, has been a key factor in the country's recent prosperity.
A major task during the huge inflow of settlers was to prevent violence between the recent arrivals and the local natives.
"The huge inflow of a week ago put some pressure on municipal bond fund yields," he said.
He also said that "there is some seasonal effect involved in the huge total inflow of the past two weeks."
"The great debate for Latin America over the next 20 years is, how do you spend the money generated by these huge inflows of capital?"
"That was a story for the week," he said, calling it a huge inflow of money.
China's housing rush is being fueled by mortgage rates around 5 percent and huge inflows of foreign capital.
A huge inflow of new issues has subjected outstanding issues to heavy selling pressure.