• No QE3 unless something dramatic happens
• QE2 done for all intents and purposes
• Sees possibility Fed will go on hold with policy
• It would be nice if Fed had a plan for the future
• Would like to get away from zero rates, even if just a little bit
• Does not see US default; no incentive for US debt holders to dump them
• Wouldn’t be surprised if Fed had to take rate action by end of year