Did QE change the implicit price deflator much?

Summers complains that QE obviously added to asset prices and added some consumer inflation.

This confuses me, as I had thought it was widely understood that QE has been modestly expansionary for nominal spending and inflation.  Recall that markets have responded to QE announcements by changing asset prices in a way that implied higher inflation expectations.

The price deflator is trending down, it does correlates once in a while with growth in the Feds balance sheet. But compare the before and after. The dollar deflator has barely nudged high than .6 percent on a period basis over the whole period of QE, and we are now at .4%, period by period inflation.

I give this round to Williamson, QE is not having nearly the effect  predicted. What Summers misses is that the equity market is offsetting the QE moves because stocks can act like money. The Fed makes a QE move, and just as the deflator responds, the equity brokers perform the counter move.

Williamson describes good one and good two, I made the assignment that good two are equities and good one are consumables. When the Fed disequilibriates money, markets re-equilibrate by performing the offsetting the QE. Think of it as a competitave fiat taking over as the Fed disequilibrates its own fiat business.