And by putting downward pressure on long-term bond yields, it may require the Fed to raise short-term interest rates more aggressively to cool down the economy.

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On the one hand, the Fed has to be feeling pressure relative to their ever-expanding balance sheet that has swelled to disturbing levels.

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Under the policies, the Federal Reserve has purchased large volumes of financial assets, and the increase in demand for these assets from the Fed has lowered long-term interest rates and put upward pressure on the prices of stocks and bonds.

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The only place where the Fed can locate a pulse of inflationary pressure is in wages and salaries for skills-based workers, particularly in technology.

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