QE has started!

Surprise!

Bank Loans Vs. QE

According to Yardeni, rate hikes won't start until tapering starts.
Tapering (blue line) won't start until lending (red line) increases. 

ECB doubles QE

Lagarde doubles QE to 1.35 trillion euro. The immediate effect is of course a rise in the gold price.

 

1.35 trillion euro (or 1.5 billion U.S. dollars) is significant compared to the base money supply of 20 trillion U.S. dollars.