Ben Bernanke and Janet Yellen are sounding awfully dovish

Click Here for a Laugh http://www.youtube.com/watch?v=QHeRCbZ9-9M First things first: The Federal Reserve is not going to end QE3 any time soon. If there were any lingering doubts about the central bank's commitment to its $85-billion-dollar-a-month bond-buying program, Fed Vice Chair Janet Yellen attempted to lay them to rest in a speech Monday morning at the spring conference of the National Association for Business Economics. "I do not see any [costs] that would cause me to advocate a curtailment of our purchase program." "We would not consider selling assets off until after the federal funds rate is increased." "I view the balance of risks as still calling for a highly accommodative monetary policy." For Fedspeak, this is as straightforward as it's going to get. That said, Yellen did provide some clues to the debate that has divided the Fed: how and when the central bank should end its bond-buying program. Officially, the Fed has said it would continue purchasing Treasury bonds and mortgage-backed securities until there was "significant improvement" in the labor market. Of course, it didn't define what that meant, and minutes of the Fed's policy-making meetings show some officials have already begun calling for a slowdown or outright stop before the end of the year. But Yellen said the labor market is still "far from healed." And even when it improves, a drop in the unemployment rate alone would not be enough to convince her to end QE, since it might merely be the result of people leaving the labor force. She's also waiting to see a pickup in job creation and hiring. Yellen said the number of people who quit their jobs, versus being fired, could also be telling: Most people don't voluntarily leave their jobs unless they're confident they can find a new one. And, of course, the economy needs to be growing more robustly to make all this happen. Click Here for a Laugh http://www.youtube.com/watch?v=QHeRCbZ9-9M