FAST FIVE: Fed, IMF Sound Warning That More QE Could Lead To "Unintended Consequences"

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The meeting closes, the aides leave, and those remaining retire for dinner in the dining room on the eighteenth floor, rightly confident that the food and the wine will be superb.

The meal, which continues until 11 p.m.

Few, if any, of those enjoying their haute cuisine and grand cru wines- some of the best Switzerland can offer-would be recognized by passers-by, but they include a good number of the most powerful people in the world.

They come to Basel to attend the Economic Consultative Committee (ECC) of the Bank for International Settlements (BIS), which is the bank for central banks.  The conclaves have played a crucial role in determining the world's response to the global financial crisis.

Few participants indicated that asset purchases could also help guard against undesirable upward pressure on longer-term rates that could arise, for example, from higher-than-expected Treasury debt issuance.

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