FOMC: More Quantitative Easing coming soon

Get ready for more Quantitative Easing.  It will be here soon.  It is all but certain, with the voting falling 8 to 1 in favor of more QE, with the lone dissenter Thomas Hoenig.  You can read the minutes via Fed Reserve, or I can paraphrase.  Unless the economy starts to boom or inflation went to 4%, the Fed will do more action soon (notice the word soon)
Several members noted that unless the pace of economic recovery strengthened or underlying inflation moved back toward a level consistent with the Committee's mandate, they would consider it appropriate to take action soon.

Voting for this action: Ben Bernanke, William C. Dudley, James Bullard, Elizabeth Duke, Sandra Pianalto, Eric Rosengren, Daniel K. Tarullo, and Kevin Warsh.

Voting against this action: Thomas M. Hoenig.

Mr. Hoenig dissented, emphasizing that the economy was entering the second year of moderate recovery and that, while the zero interest rate policy and "extended period" language were appropriate during the crisis and its immediate aftermath, they were no longer appropriate with the recovery under way. Mr. Hoenig also emphasized that, in his view, the current high levels of unemployment were not caused by high interest rates but by an extended period of exceptionally low rates earlier in the decade that contributed to the housing bubble and subsequent collapse and recession.

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