Comments from Boston Fed President Eric Rosengren:

  • Benefits of QE3 outweigh “any reasonable estimate” of costs
  • Sees little evidence Fed policy generating significant financial stability problems at this point
  • Plays down risk of a stock bubble
  • Fed should pursue asset purchases through 2013, can vary amounts as economy evolves
  • US economy remains “far from where we want it to be”
  • Should closely monitor markets where underwriting standards are slipping, cites new bond covenants in high yield markets

Rosengren is a dove and there is nothing surprising here.