Quantitative easing doesn't lower interest rates. It raises them.

Matt O'Brien

"Things will begin to make more sense once you realize monetary policy is more about expectations than interest rates. The latter just tell us about the former, especially when it comes to quantitative easing. Remember, buying bonds should lower interest rates, but it doesn't when it's the Fed doing the buying. It doesn't because the Fed isn't really buying bonds as much as it's sending a message that it wants more growth."