From Pragmatic Capitalism:
“This is the crux of the issue really. The Fed hopes they can further induce borrowing by flattening the yield curve. Their removal of interest bearing assets has a deflationary impact, however, so if there is no pick-up in borrowing we should see a relatively small change in the overall money supply due to QE. It fattens the monetary base, but that is not money in the system. There is no net change to the money in the system due to QE. Thus, it is not inherently inflationary. A study of QE in Japan and in the USA during 2009 shows that it does not result in a change in borrowing. This is why I keep saying it’s a non-event. Households will borrow when their balance sheets are able to sustain it. Ben is just trying to herd us into risk assets or attempting to make borrowers do something they really shouldn’t be doing. It’s not a real fix.”
There is some healthy debate at that link, and I agree with the comment above, but at the end of the day the only tool we all have to decipher anything to stand a chance to make any money — is to follow the trend.