The point of quantitative easing was to lower the return on safe assets. That would mean that people interested in an income, in gaining a return on their investments, would have to take on more risk to get one.
This is the whole point of what was done, is being done. OK. So, how would we work out whether this worked? We’d note that there was lots of cash available for risky enterprises as people chased that yield at the cost of that risk.
It might seem odd to the majority of us, who are used to stagnating wages and an increasingly dilapidated public realm, but businesses are actually flooded with cash. Squeezed by years of rock-bottom interest rates, investors have been on a desperate hunt for assets that offer a yield above zero, throwing money at every conceivable candidate.
QE works then. Good, glad we’ve got that settled.