QE is also just swapping of assets, which is why it wasn't noticeably inflationary any of the times it was done.
https://fred.stlouisfed.org/series/BOGMBASE
QE has not caused excess inflation in terms of the consumer price level, but it has dramatically increased the price of interest-rate sensitive assets like real estate, equities, and bonds.
Sort of. It was a swapping of short term liquidity for assets across the curve. Which is why it was fundamentally different from what the FED is doing today.
"which is why it wasn't noticeably inflationary any of the times it was done"
This is quite a strong statement. I would disagree. My model says it was inflationary. The counterfactual is "what would the inflation/deflation rate be in the absence of QE all else being the same?". Such counterfactuals are hard to come by, which is why this is such a dismal "science." At any rate, it cannot be denied (IMHO) that actual QE depressed interest rates available to economic actors.
https://www.fxstreet.com/news/kudlow-feds-t-bill-purchases-a...
I agree that counterfactuals are almost impossible to know in economics, but if predictions on one side repeatedly turn out wrong, then that side is probably wrong.
You can find innumerable doomsayers that predicted hyperinflation, and a loss of faith in the dollar and bonds. All of those people were completely wrong, and in fact the dollar strengthened, yields plummeted, and consumer prices were stable.