Let&#x27;s say I buy into the theory that QE indeed caused significant inflation, but in equity assets and specifically housing, rather than in consumer goods and services where people were watching for it.  Now rates are near zero, equities and housing are still relatively high (but not in orbit given their yield relative to bonds paying nothing).  Consumer goods and services and commodities remain cheap.  Given this macroeconomic picture and the Fed&#x27;s toolkit, what happens next?