• A poll of 17 primary dealers put a 50% chance of QE3, the same as a poll on June 1.
  • Most expect QE3 by year end
  • Most expect QE3 to involve mortgages and Treasuries
  • Size to range from $350B to $600B

The economists are loath to change their predictions quickly. Expect them to start filing into the QE3 camp.