The pace of the Fed's QE purchases depends on the economy not the calendar, says FRBNY President Bill Dudley, becoming the latest FOMC member to be trotted out to walk back Bernanke's press conference statements last week. Market forecasts of rate hikes are "out of sync" with the expectations of most on the FOMC, he adds. The yield on the 10-year Treasury drops to 2.48%. TLT +1%. The DJIA (DIA +0.8%) gains 127 points.