After all, while the previous rounds of US monetary easing have been associated with a persistent increase in equity prices, the size and duration of QE3 are more substantial. But, despite the Fed’s impressive commitment to aggressive monetary easing, its effects on the real economy and on US equities could well be smaller and more fleeting than those of previous QE rounds.
许多人如今认为QE3对风险资产的影响应该与第一轮（QE1），第二轮量化宽松（QE2）以及美联储早前的债券购买计划“扭曲操作（Operation Twist）”具备同样威力（如果不是更大的话）。毕竟以股票价格计算的话，QE3的规模和持续时间都更具实质性。但尽管美联储实施积极货币宽松的许诺非常引人注目，但此举对实体经济和美股的影响可能比前两轮的都要更小也更短暂。