QE per se is not inflationary, the only thing that does is to increase the number of reserves in the system reducing the interest rate (cheaper lending) but tha

QE per se is not inflationary, the only thing that does is to increase the number of reserves in the system reducing the interest rate (cheaper lending) but that doesn't have really effect if nobody is borrowing. Fiscal policy is the level that you want to use for increasing/decreasing inflation. Somebody have to spend more in the economy if you want to see inflation.