Effects of quantitative easing  The economic and price conditions confronting a central bank change with time. Under normal circumstances, the role of monetary policy is to respond to these shifting phases by making the appropriate adjustments to the tightness/easiness of the monetary policy stance.
Since June 2004, the U.S. Federal Open Market Committee has made six cautious 0.25 percent adjustments to the federal funds rate target, producing a cumulative rise of 1.5 percent.