"....Where are we today? The Fed keeps buying roughly $85 billion in bonds a month, chronically delaying so much as a minor QE taper. Over five years, its bond purchases have come to more than $4 trillion. Amazingly, in a supposedly free-market nation, QE has become the largest financial-markets intervention by any government in world history." -Andrew Huszar Sr. Fellow Rutgers Bus. School/Former Fed MBS Buyer/Former Morgan Stanley M.D.
More rational voices are emerging that Large Scale Asset Purchases are no longer effective or safe (cost/benefit wise). Forward Guidance, a wonky way of reenforcing the gravitational pull of ZIRP, will be taking over the lead policy role. It may be strong enough to tether rates but will prove anemic from a growth standpoint without Fiscal adjustments to incentivize the demand side of money. "ZIRP 4 Ever" was a snarky rallying cry in 2009 but a hash reality today. A base rate at zero was an "extraordinary" measure when first introduced. The Yellen Fed wants you to believe the policy is both "ordinary" and "effective."
Where are we today? Lost.