SCOREBOARD: QE curveball

Global stock markets sold off overnight as debate raged on over the probability of QE3.

Global equities sold off last night as the news flow took a turn for the worse. Added to that, the non-voting St Louis Fed president expressed some doubt about another round of QE. James Bullard has been much less dovish than some of his (more radical) counterparts and said that if it was up to him there would be no further bond purchases at this point. He went on to note the improvement in the data and seemed to think that markets were pricing in a higher probability of QE than was warranted.

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