Though there is something to be said for longer term QE operations only going through banks rather than through citizens
Does anyone remember https://en.wikipedia.org/wiki/Japanese_asset_price_bubble ?
Massively expanding credit to the point where money is free .... reduces the value of money. But denial is a helluva drug.
You can't talk about the Japanese asset bubble without talking about the Plaza Accord and the appreciation of the yen.
When the Fed buys the assets they add credit, giving the banks more than they need in reserves. Banks then seek to make a profit by lending that extra money, thus “stimulating” the economy.
The whole point of QE is increasing liquidity by increasing the supply of money.
You can see a big spike in the money supply, but there is no corresponding increase in inflation.