Exactly: Quantitative easing did not release new cash into the economy. It only swapped assets that banks held (such as treasuries) for central bank money (aka

Exactly: Quantitative easing did not release new cash into the economy. It only swapped assets that banks held (such as treasuries) for central bank money (aka "reserves"). This is why you saw some asset price increases (which is the stated goal of QE), but almost no effects in the real economy (which is the other stated, but unrealistic, goal of QE).