QE is an asset swap between the Fed and a bank. The Fed gets a treasury and the bank gets a reserve asset. The reserve asset can't leave the banking system. It

QE is an asset swap between the Fed and a bank. The Fed gets a treasury and the bank gets a reserve asset. The reserve asset can't leave the banking system. It can't be used to buy stocks. It can't fund pensions. It can't buy yachts or mansions. It doesn't pay salaries. Almost every source focusses on the purchase of the treasury from the bank while completely ignoring the other side of the ledger. No money creation occurs in QE. It simply converts a treasury held by a bank into a reserve asset held at the Fed. It's easy to confirm that QE has little to no effect on treasury yields. Just look at the long term trend in the 30-year. If anything there is a negative correlation between Fed bond buying and long-term bond prices. That's the opposite of what should happen if the Fed were moving the market. More than that, the long-term channel since the 1980s in yields hasn't budged, despite multiple rounds of QE. That's not control over the market.