“Quantitative easing may have helped avert a global recession following the financial crisis, but...

t has not succeeded in boosting inflation expectations,” says Steven Major, global head of fixed income research at HSBC, the bank. 

 US five-year forward rates, a measure of inflation expectations, have dropped to their lowest level since March 2009, when markets feared the financial world was about to implode and lead to a full-blown depression.
http://www.ft.com/cms/s/0/e6d6b2c6-c44a-11e5-808f-8231cd71622e.html#ixzz3ywwKA0Ot

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