Well, all spending carries inflation risk - what really matters is what aggregate demand is like and how much spending and taxing alters that. Certainly QE coul

Well, all spending carries inflation risk - what really matters is what aggregate demand is like and how much spending and taxing alters that. Certainly QE could be inflationary, but as it was it was mostly just buying back securities it was mostly asset neutral so shouldn’t have done much (just like issuing Government securities to match deficit spending (just in reverse) - it doesn’t actually alter whether deficit spending is inflationary or not since there is a quite liquid market for those assets so they’re very similar to cash). It is considered to have inflated prices of certain financial assets though (shares etc.)