Fed's Bullard Says QE3 Would Have 'High Hurdle,' Fed Has 'Done What We Can Do'

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St. Louis Fed President James Bullard making some comments on Bloomberg TV:

• concerned by low yields on Treasuries
  
• housing affordability is at a "great level"
  
• QE3 would have a pretty "high hurdle"
  
• Fed has "done what we can do"
  
• expecting a "long, drawn-out scenario" for Europe

Futures have turned lower amid these comments, as well as comments from Jeffrey Lacker. Dow futures are up 21 points at last check, Nasdaq futures are up 0.75, and S&P 500 futures are up 2.8.

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