The Federal reserve injected banks with money, not the economy. One would naturally think that these banks would then lend money to the broader economy (because that's how banks make money), but a law passed around that time allowed banks to deposit their money in the Fed itself and extract an interest rate better than they would get from normal lending. The Fed, which normally ran a surplus (money which goes to the Treasury to pay down debt), began to run a deficit from these payouts. Potential inflation just became more debt. This is why over a trillion dollars in "printed money" failed to yield much inflation over the last 10 years, but let's all just keeping reading ZH articles about the looming "inflation bomb"..

Ostensibly, GP means that they were not inflationary to consumer prices. Asset prices were definitely inflated. This is the whole point of QE.

>How were the QE rounds not inflationary?

Reflationary might be a better interpretation, since vast amounts of wealth were destroyed in 2008.