Posted by The WSJ’s Hilsenrath
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ricardian ambivalence 
If we see a few more days like Thursday, we’ll get QE3 next week not next year!
Guidance on securities holdings would be good (both in terms of tapering off / increasing holdings), if it was clearly pegged to nominal expectations. In the absence of this, nominal expectations get unanchored and the “knives start falling”. I would like something more radical, as I’ve said in other comments, but given that the Fed’s public mouthpiece is only giving these three options, I don’t think radical is being contemplated.