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QE3 Would Be ‘Excessively Bearish,’ Oppenheimer’s Belski Says

Stocks would suffer after an initial jump should the Federal Reserve decide to extend economic stimulus beyond the June expiration of its current quantitative easing program, Oppenheimer & Co.’s Brian Belski said.

“We become excessively bearish if the Fed goes to QE3,” Belski said in an interview on Bloomberg Television’s “In the Loop” with Betty Liu. “We do not want to see QE3,” the New York-based chief investment strategist said. “We think that only prolongs the inevitable when the Fed has to eventually sell these securities that they have been buying.”