QE raises medium and long term interest rates

Sumnerian Phillips Curve

Year	NGDP%ch	Unem%ch
1982-01-01	3.8	2.3
1983-01-01	11.4	-2.5
1984-01-01	9.3	-1.0
1985-01-01	7.4	-0.3
1986-01-01	4.9	-0.4
1987-01-01	7.6	-0.9
1988-01-01	7.8	-0.4
1989-01-01	6.5	0.1
1990-01-01	4.5	0.9
1991-01-01	4.3	1.0
1992-01-01	6.7	0.1
1993-01-01	5.0	-0.9
1994-01-01	6.3	-1.0
1995-01-01	4.3	0.1
1996-01-01	6.3	-0.2
1997-01-01	6.0	-0.7
1998-01-01	6.1	-0.3
1999-01-01	6.5	-0.4
2000-01-01	5.5	-0.1
2001-01-01	2.2	1.8
2002-01-01	3.8	0.3
2003-01-01	6.4	-0.3
2004-01-01	6.3	-0.3
2005-01-01	6.5	-0.5
2006-01-01	5.1	-0.5
2007-01-01	4.4	0.6
2008-01-01	-1.0	2.3
2009-01-01	0.1	2.6
2010-01-01	4.6	-0.5
2011-01-01	3.9	-0.9
2012-01-01	3.8	-0.6
2013-01-01	4.1	-1.2

2000's NGDP