Now that we seem to be past the talk of IF we’ll get another round of QE2 from the Fed, what’s left is HOW it will be conducted and WHAT size. Voting member Bullard is specifying his choice of process in conducting Plan C of their policy in a chat with reporters. He said he is for buying $100b to start after the Nov 2-3 meeting and see how it goes thereafter. He doesn’t seem to want to put a cap on what will be ultimately spent and wants to play it meeting to meeting. He is for “small increments” in terms of the purchases and is not for a “big bang” of buying. Bullard thinks this process would give them the most amount of flexibility. On the discussion of targeting some level of inflation that others have mentioned, he believes it would “erode Fed credibility.” The curtain on the next set of their Grand Experiment is just 13 days from being lifted and the rest of us await with hope, optimism, fear, and dread.