The initial impression was that no more QE after June. But, not quite! They are going to continue to reinvest both Treasuries and MBS, meaning the markets will still be awash with money: http://www.bloomberg.com/news/2011-...ury-buying-unlikely-to-have-major-impact.html Bernanke spoke after the central bank today reiterated its view that surging commodity prices are likely to have a transitory effect on inflation and agreed to finish its program of large-scale asset purchases on schedule. In his press conference, Bernanke said the central bank is likely to continue reinvesting its securities holdings, including mortgage-backed securities, as they mature even after June. âWe are going to continue to reinvest maturing securities, both Treasuries and MBS, so the amount of securities that we hold will remainâ approximately constant, he said. âThe amount of monetary policy easing should remain constant going forward from June.â Monetary Stimulus When the Fed begins unwinding its record monetary stimulus, âitâs very likely that an early step would be to stop reinvesting all or part of the securities which are maturing,â he said. âThat step, though a relatively modest step, does constitute a policy tightening,â Bernanke said.