"QE1 and QE2 operated in opposite directions, ECB researchers find"

From Central Banking.com:

Researchers at the European Central Bank find that QE1 triggered a portfolio rebalancing out of EMEs into US equity and bonds, while QE2 acted in the opposite direction 

The Federal Reserve's first two programmes of quantitative easing (QE) in response to the financial crisis, QE1 and QE2, functioned in opposite directions in terms of their effects both on emerging market economies and the US, according to a new working paper from researchers at the European Central Bank (ECB).

The paper, On the International Spillovers of US Quantitative Easing, by Marcel Fratzscher, Marco Lo Duca and Roland Straub, finds that QE1 was "highly effective in lowering sovereign yields and raising equity markets, especially in the US relative to other countries". Fed measures since 2010, known as QE2, "boosted equities worldwide, while they had muted impact on yields across countries", they say....MORE