Likely confirming QE3 on Dec 13th when the FOMC next meets, Fed Gov Yellen, part of the Bernanke, Dudley trio said while the “Fed continues to provide highly accommodative monetary conditions to foster a stronger economic recovery in a context of price stability,” she said “the scope remains to provide additional accommodation through enhanced guidance on the path of the federal funds rate or through additional purchases of longer term financial assets.” Fed members pick their words very carefully and she wouldn’t be saying this unless they were prepared to act. Other voting members saying the same recently have been Dudley, Evans and Tarullo and Bernanke’s beliefs are along the same lines. Thus, those that want even more Fed action already have 5 of the 11 voting members. This meeting will come days after the EU fiscal union will be enhanced at the Dec 9th EU summit with hopes of some that the ECB will follow with something more. Trading this market has never been more difficult but notwithstanding all the worrisome European headlines, if there is one thing markets like, it’s central bank juice.