It appears that someone in the Fed is catching on:

Fisher continued his rebuke of the $600 billion program that is set to end in the summer by saying “it may well be that we should consider curtailing what remains” of the program commonly referred to as QE2.

The Dallas Fed president is a voting member of the interest rate setting Federal Open Market Committee, and he has for a number of months been a steady critic of efforts by the Fed to stimulate growth by buying longer-dated government bonds. Fisher believes the economy simply doesn’t need the support right now, and fears the extra liquidity the central bank is providing may be setting off a new round of financial market imbalances as well as creating a future inflation surge.

I think at this point it’s pretty obvious that QE2 was not only a complete failure but also very destructive. Thus, I do not see how there is any “maybe” when it comes to curtailing QE2. The only thing this latest round of inflation has succeeded in doing is (surprise) inflating the currency. The proverbial animal spirits were not stimulated enough to go out and consume or even produce. The country is not materially better off, or even more productive once you eliminate debt-fueled government spending from the official GDP metric.
As such, definitive language is called for. We should curtail QE2. We should, if possible, “repeal” QE2. This round of inflation has not done anything, save making the necessities of life more expensive. And it is destroying savings in the process. We need to make it stop.
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Economic Events on April 8, 2011

At 10:00 AM EDT, the Wholesale Trade report will be released for February, showing inventory levels for wholesalers in the United States.