Markets soar on QE3.

 Global equity and commodity markets have continued to bask in the glow of the lights at the Fed's money printing factory after Ben Bernanke yesterday pledged to buy $40B of mortgage-backed securities a month until unemployment improves. Not surprisingly, though, the dollar has taken a dive, while Treasurys have been punished as well. By making the asset purchase program open-ended, the onus now falls onto the hawks to assemble the votes to end it. QE could be Fed policy for a very long time.