“If the Fed were to come out with an open-ended commitment, saying, ‘We will continue to ease monetary policy, continue to expand our balance sheet until we achieve some economic outcome — meaning nominal GDP growing, unemployment coming down — that would be very, very powerful,” Kashkari said on “Fast Money.” “At most, I would expect him to give more details on what such a program could look like. I doubt he’ll actually come out with the actual specifics this Friday.”
More easing is already being priced in, Kashkari added.
(Read More: Plan for ‘Disappointment’ From Bernanke: Analyst)
“I think that the equity markets have priced in assuming there will be some form of QE3, if he comes back and walks back away from that, I think you’re going to see risk markets react,” he said.
Trader disclosure: On Aug. 28, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long WFC; Simon Baker is long FB; Simon Baker is long SLW; Simon Baker is long TOL; Simon Baker is long P; Simon Baker is long YELP; Steve Weiss is short X; Steve Weiss is short AKS; Steve Weiss is short TCK; Steve Weiss is short JCP; Steve Weiss is short AAPL PUTS; Steve Weiss is short VALE; Steve Weiss is long QCOM; Steve Weiss is long MSFT; Steve Weiss is long HK; Steve Weiss is long BRCM; Steve Weiss is long WLP; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long F; Steve Grasso is long FRO; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MO; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long XLU; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Brian Stutland is long YUM; Brian Stutland is long XLE; Brian Stutland is long XLK; Brian Stutland is long XLB; Brian Stutland is long VZ; Brian Stutland is long VIX; Brian Stutland is long QCOM; Brian Stutland is long PFE; Brian Stutland is long MSFT; Brian Stutland is long BP; Brian Stutland is long AAPL JAN 2013 PUTS; Brian Stutland is long GE; Brian Stutland is long CVX; Brian Stutland is long LLY; Brian Stutland is long JPM.
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