As the S&P 500 makes new multi-year highs, the USD dumps, commdoties surge, and AAPL just does what it does best; The Fed's Dennis Lockhart has just 'subtley' announced the walking-back of expectations of QE3 happening anytime soon, via Bloomberg: *LOCKHART SAYS `MONETARY POLICY IS NOT A PANACEA' *LOCKHART SAYS ECONOMIC DATA HAVE BEEN `FIRM' IN LAST MONTH *LOCKHART SAYS HOUSING IS STABILIZING AND `ENCOURAGING' *LOCKHART: MONTHLY UNEMPLOYMENT RISE SHOULDN'T BE EXAGGERATED *LOCKHART SEES `MORE APPETITE FOR RISK' and critically: *LOCKHART SAYS DISINFLATION, DEFLATION NOT NOW A CONCERN (full story)