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The central bank is not yet throttling back its biggest emergency credit programs.
How do the seemingly coincidental events of the story add up to "the biggest emergency" of Paul's life?
Ministers say the UK is helping more than one million of the estimated 2.4 million refugees in what the UN views as the biggest emergency in its history.
Similarly, one of the Fed's biggest emergency loan programs, the Term Auction Facility, has shrunk by more than half in the last 12 months.
But as I wheeled the car out of the lot I couldn't help thinking it was the biggest emergency of my life.
"We are the two biggest emergency response entities and we need to be able to talk on an ongoing basis on a whole myriad of issues," Mr. Kelly said.
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He reduced and outsourced his staff, from 250 eventually down to fewer than 15, and instructed underlings to deal with all but the biggest emergencies themselves.
It's hard to imagine a bigger emergency.
He's not alone in saying that continual daily maintenance, not big emergency repair projects, is needed to preserve Pompeii.
Cabinet ministers are suggesting there will be no big emergency budget for extra public works this autumn, despite earlier hints to the contrary.
In fact, as cabinet heavyweights like Takeo Hiranuma, the economy, trade and industry minister, have defied the prime minister and called for a big emergency budget, Mr Koizumi has been upping the stakes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com