Our last (and according to Yellen, et. al., our final)[1] QE was in October 2014. Is there a reason why you continue to talk about QE in the United States in the present tense?
http://www.reuters.com/article/2014/10/31/us-japan-economy-b...
The European Central Bank announced QE in Jan-15.
One way to think of QE is global competitive devaluation to capture global demand. QE + ZIRP or even negative interests are the primary tool of central banks now. Capital misallocation continues on a global scale.
http://www.vox.com/2015/2/5/7981461/negative-interest-rates-...
e.g. Cash is not secure in your bank account. A government backed bond, even at negative interest, may be more secure than a cash balance.
ZIRP and negative interest rates are pushing people out on the risk curve and raising asset prices.
As I said in an earlier comment, IMHO, all investment decisions are bets on central banks.