The U.S. Federal Reserve is preparing a fresh round of quantitative easing measures to battle lackluster economic performance, hedge fund advisor Medley Global Advisors said in a report Tuesday, a market source told Reuters.

"Fed leadership has all but run out of patience with economic data it believes is not propelling the U.S. recovery sufficiently to dent the unemployment rate. The FOMC will work through the next couple of weeks to prepare additional easing measures to announce at the end of its Nov. 2-3 meeting," the source said, reading directly from the report.

The Federal Open Market Committee is the U.S. central bank's monetary policy-setting body.

Hannah Little, a spokeswoman for Medley, would neither confirm nor deny the firm had issued the report, titled "Fed: Bait and Switch", citing the firm's subscription policy.