1. If we see a few more days like Thursday, we’ll get QE3 next week not next year!

  2. 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.

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