On second thought, pour the market a cup of QE3.
Major whipsaw emerges as the market gets a chance to digest the speech and reads the ballsy Hilsenrath article that says QE3 is coming in two weeks unless we get an unusually strong employment report.
The FT also points out a hint in the speech that the ‘extended period’ will be pushed to 2015.
In one possible hint of future policy, he said that the current late-2014 date “is broadly consistent with prescriptions coming from a range of standard benchmarks”, but that “a number of considerations also argue for planning to keep rates low for a longer time than implied by policy rules developed during more normal periods”. That could imply a Fed policy of extending the forecast date into 201.