Do Yesterday’s Fed Minutes Indicate QE3 on Horizon?

If the market had not been so stretched yesterday, the minutes of the Fed’s last meeting – released yesterday afternoon- would have created a celebration amongst those who worship at the altar of Fed assistance.  While there were 3 dissents from any further action, there are already 2 members voting for more aggressive action than already taken (Operation Twist)…. hint:  outright bond purchases (we can bet one of those was VP “Easy Money” Yellen).  Talk about a wide divergence. As the composition of the voting board changes Jan 1st – apparently one more dove should join the bloc – we’ll see better clarity of how the 2012 version of the Fed votes soon enough.  In the past the Fed was apt to stand pat during election years, for fear of being seen as favoring one party or another but in this cycle it seems it’s all steroids, all the time.

Link...