The bar is set high for QE3.
That was the message today from St. Louis Fed President James Bullard in a speech he gave in Little Rock.
As noted by Benzinga's Matthew Kanterman, Bullard made it clear that it would take the risk of deflation and recession to see another round of quantitative easing.
"In short, current monetary policy remains ultra-easy and is likely appropriately calibrated to the current situation," Bullard said.
Bullard also cited a falling unemployment rate vs. last year, and credited Fed policy with keeping inflation near trend.
You can read Kanterman's full coverage of the speech here.
Photo by: Federal Reserve Bank of St. Louis