The FOMC statement offers more information, in my view, that does not support another QE. Here are the main ideas from the FOMC statement which I find most interesting and revealing (emphasis are my own)
“Information received since the Federal Open Market Committee met in March suggests that the economy has been expanding moderately. Labor market conditions have improved in recent months; the unemployment rate has declined but remains elevated. Household spending and business fixed investment have continued to advance. Despite some signs of improvement, the housing sector remains depressed. Inflation has picked up somewhat, mainly reflecting higher prices of crude oil and gasoline. However, longer-term inflation expectations have remained stable.”
“The Committee expects economic growth to remain moderate over coming quarters and then to pick up gradually. Consequently, the Committee anticipates that the unemployment rate will decline gradually toward levels that it judges to be consistent with its dual mandate.”
The FED’s view on the recent economic developments together with its forecasts lead to the conclusion that QE3 is not in the cards in the near future.