I’m not too knowledgeable about inflation securities, but just looking at “Inflation Swap” rates. The definition of Inflation Swap is “the Zero Coupon fixed rate leg necessary to build a par swap agains a leg on Zero Coupon CPI appreciation”. So it’s like a market rate for expected inflation. For 3-year, it was about 2.15% before the Fed. Now it’s about 2.2%.
You can find this on BB: USSWIT3 Index.
You can probably find the implied TIPS rate from these, but you will need to incorporate the Treasury rates.
Buying mortgage securities will stimulate the housing market, which will help reduces foreclosures. A low Fed Funds rate will keep bank borrowing costs low, which means businesses can borrow for low interest rates. All of this helps “main street” people.
It gets a little bit worrisome when the Fed does so much at once. This seems pretty unprecedented. Asset prices might get inflated and options for future stimulus are greatly diminished. However, it’s erroneous to say that monetary policy does not affect normal people.
He can say what he wants to but reality is the reasons Fed continues the policies are for the reasons I mentioned. We need to keep interest rates low until the economy recovers. Don’t expect obvious tangible benefits for the nest 2-3 years.