OK, so nobody knows what tomorrow's prices will bring; what we do know is what's been happening. A few years ago the economy collapsed in a serious bout with deflation, and since then we've had no serious recovery in either general prices or business activity. The Fed's policies have been extreme with regard to interest rates, and it hasn't affected much. The Fed's actions with buying private debt ended years ago, and their treasury holdings have their share of the national debt about what it's been since before Reagan.
Any talk about 'exit strategy' needs a better description of just what it is we're supposed to be exiting.
We missed a bit opportunity at a reset, particularly of the nonproductive portion of the economy aka the government. That didn’t happen and so we continue to carry an enormous burden forward. That’s going to anchor us, it’s already harming the young who are transferring wealth to the senior citizens of our country.
My point is that there were and are alternatives to the QE of the FED. It punished the prudent and rewarded the profligate. I do acknowledge that Democrats have ruined fiscal policy during this timeline.
http://wiki.mises.org/wiki/Depression_of_1920%E2%80%9321
https://en.wikipedia.org/wiki/Depression_of_1920%E2%80%9321
http://www.fee.org/the_freeman/detail/the-depression-youve-never-heard-of-1920-1921/