"Shock and awe" according to the Financial Times; and the Wall Street Journal has a neat roundup of professional economist opinion here.
You might have thought the surest way to lower long term interest rates was with a sound currency that faced no threat of debasement. How naive - that applies only during "normal" (define at leisure) times.
Still, even with the sponges to soak up all the looming monetization if the Fed goes ahead, it will be a neat trick to see the timing that seamlessly dovetails the short into the medium term, smooths (or should that be "banishes") the credit cycle and weighs in with just the right amount of counterbalance to offset the massive asset destruction of the last year and a half.
Not that I'd be betting against an equity and (dollar-denominated) oil rally, for a while, from here...