Third Time's a Charm

If at first you don't succeed, try, try again. The Fed's Open Market Committee minutes did not contain much except for the brief comment that created today's stock market euphoria.

“Participants also discussed the medium-term outlook for monetary policy.  Some participants noted that if economic growth remained too slow to make satisfactory progress toward reducing the unemployment rate and if inflation returned to relatively low levels after the effects of recent transitory  shocks dissipated, it would be appropriate to provide additional monetary policy accommodation.”

QE1 didn't resurrect the economy.

QE2 didn't resurrect the economy.

Maybe, just, maybe, if we can goose the stock market a bit more with QE3, the economy will expand.