Fed’s Bullard: QE decision not made but we may buy $100 bln a month

• No decision until the meeting on QE
• If Fed launches QE, may do $100 bln a month
• Would not specify ultimate size
• Price target too large a step at this time
• QE an effective approach; have already seen decline i longer-term yields
• Tough call on need for further easing but data shows weak economy, job creation not happening
• Data no better since summer; will affect FOMC’s thinking on size and scope of QE
• Disinflation has flattened out over last couple of months

Pretty transparent, no. No more silly questions on will they or won’t they, please. Bullard has flipped from hawk to dove in recent months and the committee is largely following his lead.