Let's give a status update on the QE3 $40 billion/month MBS buying and $45 billion/month U.S. treasury buying.
If we take a look at the federal reserve balance sheet, we see that in October 2012, nothing at all has happened. The amount of treasuries is constant (light brown + orange area). The amount of MBS is also constant. The balance sheet is even shrinking instead of expanding!
This can be confirmed here.
So where is the promised QE3, Mr. Bernanke?