> You can make a very strong argument that monetary policy for the last 20 years has has little effect on CPI and strong effects on asset prices.

If you disagree with policymakers about what the likely course of inflation would have been without the policy intervention, maybe, but I've yet to see anyone make the argument for that disagreement, just assert it as if it were an undisputable fact. So, yeah, if you assume the deflation QE was ddsigned to fight would not have happened without QE, then you are forced to conclude that the low with-QE inflation meant QE didn’t cause inflation beyond what would have existed without it. But that’s largely just assuming the conclusion.

Here's what indisputable: If you gift money to bondholders, bond prices will go up. If you gift money to food buyers, the price of food will go up.