QE was neutral?

Namely, it says if you draw a circle around banks, broker-dealers and the Fed, the amount of credit supplied to everyone outside the circle appeared to be unaffected by QE. Whereas the orthodox narrative holds that those outside the circle were forced to chase a restricted credit supply, the data tell a different story.

We knew the monetary cycles was driving down long term rates as debt/deflation took hold.  QE did not change tre trend, QE simply caused TBTF portfolios to adjust to cover the attempted bailout of Congress. Traders saw through the wizardry.