It has been three years and nine months since the Fed announced 'real' QE1. Presented for your convenience below is the market's reactions then and for comparison we have included today's reaction. It seems the markets - whether Gold, FX, or Treasuries - have become numb (or engorged) on the Fed's actions. This leaves us with the sad conclusion, which the Fed will be last to acknowledge: the ammo, it's gone. It's all gone.
EURUSD - rose 370 pips on the announcement of QE1, rose 45 pips on QE4...
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Gold- rose 5.4% on the announcement of QE1 but today (on QE4) Gold jumped 1.3% then faded back
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Treasuries - When QE1 was announced Treasury Prices exploded in the then 10Y by over $4, today saw the same (now 7Y) bond price drop by around 4 Ticks...
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Charts: ZeroHedge archive [6] and Bloomberg