Has QE3 Started?

I read an article yesterday that claimed that the FED has already initiated QE3, without an announcement.  Today, I had time to check the data.   Here’s a chart from FRED:

There has been a recent increase in the base, but we’re only back to our previous high.   We could be seeing the initial stages of QE3, but we may not be.  We could be seeing the FED attempting fine tuning.

This is weakly data, so we’ll keep an eye on it.  If they have initiated QE3, it should show up pretty quickly.

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