Here's the thing about QE that even now people don't understand that well: Fundamentally it was an exchange of bonds for cash. Since bonds were considered to be almost as risk-free as cash, this didn't actually do as much as many people expected. https://twitter.com/euneaux/status/944101630642753536 …
If switching from bonds to cash on your balance sheet doesn't actually change much because you're already treating bonds almost like cash, QE will have limited effect.
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