There will be no direct QE from the Fed, but it will be done through the back door of inflating currencies other than the USD. Because, their aim is not to create a net inflation for the USD, but for all the world's currencies as a whole. The net effect will be the world chasing after USD.
Yes.
First, funds are loaned via swap agreements:
Fed($)->Banks
Banks on the receiving end lever up through FRB:
Banks($)*X->($$$$$$$$$$)
Then initial funds are returned, but the levered funds remain:
(X)Banks($)->Fed
The difference between the two can be multiples of the initial funding made available:
(X)=($$$$$$$$$$)-($)
The end result is that fractional reserve fuel is provided for local/regional currency inflation (e.g. Euros):
Banks($$$$$$$$$)->Euros
The process begins all over again from the swap agreements. As the world ramps up its base monetary supply, the dollar remains relatively stable by comparison because the same amount of dollars are repeatedly lent out, so dollar value rises versus other currencies. That keeps going until strain develops at a sufficient level and the dollar finally has to be eased, which is where we are now.
This indirect form of QE has been continuously ongoing, and even accelerating. It's hard to say what form of direct QE we'll see, but it
will be before the end of the year. The dollar will then sharply decline relative to other currencies and the inflationary cycle will repeat again.