The Fed is accepting of asset prices rising as a side effect more than an objective of QE. The problem now is a desire to dictate what assets can rise. Equities? You bet. Commodities? Not so much.
So, what happens when the public wants assets the Fed deems detrimental? Recently, the policy is margin hikes and investigations. The Fed is open about the use of regulation as a policy tool. Others would call this Central Planning. To the extent that the financial system is a giant circle jerk of various trading time frames, the system is operating on all cylinders. Anything more than that is an illusion.