Consequently, to generate increases in present inflation, it is necessary to increase inflation expectations. However, inflation expectations have been declining since the initiation of the PSPP. 3. Some positive evidence from QE  It is true that there is some encouraging evidence mainly from the M3 growth and the banking sector, such as the growth rate of loans.
  M3 growth accelerated to 5.0% in January, compared with a 4.7% rise in December (M1 growth was 10.5% in January, compared with 10.8% in December).   The annual growth rate of loans to non-financial corporations increased to 0.6% in January, compared with 0.1% in December.