You can see the below chart that leaves no doubt about the effectiveness of the quantitative easing operated by the Federal Reserve (US central bank).
The velocity of money just decreased, leaving few hopes for an inflation increase and consequently for interest rates increase.
We can not otherwise explain why 21 interest rates raise notices were needed to go from zero to 0.25 and nowadays the next raise continues to be postponed.


source FRED and Fed Reserve Bank of St. Louis

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