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When will the FOMC Announce QE3?

There is a chance that the FOMC will announce QE3 this week although some analysts expect QE3 in September and others after the election in November.

As an example, from Merrill Lynch last week:

There is quite a bit of uncertainty about the exact timing and shape of forthcoming Fed easing. Although there is a good chance of some QE3 at next week’s FOMC meeting, we still think it is an extension of the forward guidance language through “at least late 2015” is (slightly) more likely This would resemble the policy pattern last year, and would keep the Fed’s options open. It also would allow the Fed to make a compelling case that bad data, not politics, are driving QE3.

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