Federal Reserve Bank of St Louis President, James Bullard, alluded to the possibility of a third round of quantitative easing (QE3) in a speech today at the Bowling Green Area Chamber of Commerce.

“The natural debate now is whether to complete the program, or to taper off to a somewhat lower level of asset purchases.  Quantitative easing has been an effective tool, even while the policy rate is near zero. The economic outlook has improved since the program was announced.”

However, he also stated that he would “never say never” regarding the possibility of QE3.

Bullard was the latest U.S. central banker to deliver the usual type of Fed-speak, which surprisingly received a shot in the arm yesterday courtesy of a refreshingly candid speech from Kansas City Fed President Thomas Hoenig.