The markets will be watching closely to see if there might be any hints of QE3 further down the road, Michalowski said.

FORBES: Fed Expected To Try To Sooth Markets But Not Undertake New Quantitative Easing Tuesday

Michalowski figures yields would have to rise trigger QE from the Fed.

FORBES: Fed Expected To Try To Sooth Markets But Not Undertake New Quantitative Easing Tuesday