The thought that QE will create inflation is engraved in the physical being called Central Banks. Etched into these minds is the very young and (as yet unproved) theory that the macro economic machine is controlled by interest rates. Next step is QE final step is NIRP.
Now we know, as an economic fact that:
1/ QE does not create anything but a balance sheet bubble at the local CB and that most QE circles back to the local CB as deposits because CBs want ironclad security.
2/Monetary policy has, as yet, proved of little use in the reversing of deflation.
But to answer your query 'man': QE isn't stimulus at all unless money supply is (dangerously) inflated by buying tangible assets (property etc). The gloves aren't off for CBs; the fight hasn't got to street level yet but when it does we will be directly affected.
