> QE was the impending inflation that was going to happen QE backstopped the inflation that already happened during the credit boom. By supporting housing pri

> QE was the impending inflation that was going to happen QE backstopped the inflation that already happened during the credit boom. By supporting housing prices (and other associated bad debt) they essentially prevented a deflationary spiral, which one could think of as an unwinding of inflation. End result: ever higher housing prices and generally stagnant incomes. It's a complex topic and a deflationary spiral was probably worse for the economy, but QE did affect inflation.