from Zero Hedge
Back in 2009, when the Fed first launched QE, a majority of traders and strategists were convinced that the Fed would spark an inflationary inferno as a result of the hundreds of billions of dollars (back then, that was a big number) of liquidity injected into markets and which – using the Weimar Republic as an example – consensus expected would find their way to the broader economy triggering sharply higher prices as a result of global currency devaluation.
And while one part of this forecast turned out to be true, with asset prices indeed hyperinflating in the subsequent decade, the flood of central bank reserves did little to boost benign broader economy inflation, i.e., wages.