With the global economy plunging into recession, the pressure is on. The 10-year government bond is paying less than 1½%, which is confirmation that deflation is here and the central bankers hate deflation. So, QE3 is finally going to arrive (months late, but better than never).
The only question is, “Can the Fed accomplish anything other than driving interest rates negative if they buy bonds?” Which is a self-answering question. That's why QE3 will see the Fed buying stocks to reinflate an equity asset bubble, which will, by way of the Wealth Effect, inject enough money into the economy to pull it out of recession.