two cents worth
Decades ago when the FED injected money into the broader economy, it showed up in the M2 money supply charts and caused inflation which showed up in the Consumer Price Index. To contain this CPI inflation, nowadays the FED injects money into just the biggest Wall street Banksters who in turn put the money mostly into stocks and bonds.
Thus there is less inflation in the CPI index, and more inflation in stock and bonds. Of course shareholders like inflation in the stock market. Likewise bond holders like the value of their bonds to go up.
The same is happening in Europe and elsewhere. The increase in M2 in the US and abroad, continues to be so large that negative interest rates are occurring in some countries. (as of this year 2019)
Never before since the creation of civilized markets hundreds of years ago, have there been negative interest rates. As this new money flows into bonds, interest rates drop, making it easier for the US government to finance the US national debt at a lower cost.
Meanwhile the masses of people who do not own stocks or bonds get little or nothing. So the rich get richer, the middle class in the US is disappearing, and the poor get poorer.
To spread the benefit of increasing the money supply the masses of people would be better off if the FED injected the money into just the small and medium sized banks throughout the heartland. When local banks have more money to lend it's more likely that the money goes into financing new production and consumption of goods resulting in a higher standard of living for the masses. To accomplish this the US Federal Reserve will have to be complete revamped.
This negative interest situation is not going to last.
It will take a massive dislocation of assets to set the market straight again. The timing is always the tricky part. I believe we are on the cusp, just waiting for the gap down.