05-18-2013, 12:53 AM
Liquidity creation/GDP is rising pretty fast, that's for sure (see here)
The main way for QE to trickle into the real economy is via increased credit creation, but despite record low interest rate, credit demand is fairly tepid, but this isn't really a surprise, household balance sheets have been ravaged by the financial and housing crisis, wages are down, jobs are down.
Some of it is likely to seep into the financial system, but as the above article explains, the stock market isn't overvalued by any means.