No that’s not the point of QE. The point of QE is to allow the government to continue deficit spending without running out of money. The treasury lowers the int

No that’s not the point of QE. The point of QE is to allow the government to continue deficit spending without running out of money. The treasury lowers the interest rate and then creates new money to buy cheap debt from the government when there would otherwise be no takers. The interest rate affects everybody, which allowed troubled banks to lend cheaply to each other in the wake of the financial crisis (good) but also means that low-risk investments generate very little return (bad). It’s the later that has pushed investors into riskier assets - whether or not that’s beneficial depends upon how much systemic risk there now is... which is not obvious, after all mortgage-backed securities were supposed to be safe but we all know how that worked out. The treasury would like to raise interest rates but this means that consumer debt will cost more each month and is painful for homeowners especially. So it’s a slow process. We may already have trapped ourselves in unstainably cheap consumer debt - much like those 2005-vintage mortgage “teaser rates”.