I have put up a post over at Variant Perception's blog about how Fed members clearly do not agree on the effectiveness and merit of QE.
A nice series of articles from Bloomberg news alerts us to the fact that the Fed is anything but united when it comes to QE. There is consequently ongoing confusion, disagreement and general apprehension surrounding whether and how the Fed is supposed to end QE . Quite simply; the powers that be do not see eye to eye on this one and this is slightly worrying (if completely understandable).
I think such debate is crucial within central banks, but the Fed should be careful. If QE is debunked too strongly as a policy tool and the next recession comes at a time when interest rates are still zero and the US economy faces the same structural challenges, what will the Fed do?