The Fed Minutes are from the July 31-August 1 meeting, this was before they latest run-up in asset prices. For example, WTI was $88 dollars a barrel then, now it is $98 and with the new asset prices any QE3 thoughts have now been priced out of the market. In short, the Fed minutes from three weeks ago are outdated. There is no way with eight dollar corn prices and 4 dollar gas that the Fed does any major QE3, just forget that notion
Chart Source: US EIA, August 22, 2012
Chart Source: FT.com, August 22, 2012
Nope, there is no way in hell with these current asset prices that QE3 is anything other than a major letdown for markets. Expect the Fed to start signaling the markets of this case starting next week.