True that "intreset prices are not just influenced by current interest rates, but by the expectation of future average interest rates over the lifespan of the loan in question." And, per Chris Cook in another forum where I posted my comment, most of this QE is in the form of T-Bills, which are of less than 52 week duration, so this is short term money. That potentially increases the risk. TBTFs can use QE money to fund SPVs that invest in the stock market, which they can exit quickly and for which they can hedge the downside risk. This can lead to greater volatility in stock prices, but worse, the TBTFs have been living off of term arbitrage forever and it is not hard to imagine them using some of this money to invest in longer duration investments. And, of course, hedges are only as good as the firm selling them.

"It is not necessary to have hope in order to persevere."

The straw that stirs the drink in the US is mortgages.  With a few exceptions (locations mortals can't afford to buy under any circumstances), price fluctuations are dictated by availability of financing.  Cheap financing, real estate goes up.  Truer with residential than commercial at least initially (residential borrowers are more rate-dependent, and residential lenders have more tax and regulation breaks than commercial), but as a real estate booms proceeds, commercial speculation increases, and the flips get quicker.  In the end, the return period for both residential and commercial shortens dramatically, and on the residential side, mortgage interest is the biggest tax break you can have, so it has a built-in return.