QE and ZIRP are deflationary policies because they reduce the amount of interest payments (which are no different from any other transfer payment) paid by the government.
No, they are inflationary policies; fear of deflation was one of the factors motivating them.
> because they reduce the amount of interest payments (which are no different
That's...mostly irrelevant. Yes, government interest payments would be inflationary because some of them go back into the domestic economy, but flooding the domestic economy with money through loose monetary policy is not net deflationary; the reduction in money pumped into the economy in interest payments is far less than the amount of money that is pumped into the economy to effect that reduction.
QE simply swaps one form of government liability (treasuries) for another (reserves).
They pay less interest on reserves.
The effect on the economy of banks holding reserves rather than securities is otherwise negligible because both securities and reserves can be used to satisfy any liquidity requirements, so reserves and securities are functionally identical.
That’s why it’s so dumb that people get in a flap over the idea of the Treasury issuing reserves “out of thin air” but they are fine with the Tresury issuing new securities “out of thin air”.
No I don’t, there was potentially some inflation due to fiscal stimulus but mostly due to supply chain issues. The continuing inflation is caused by interest rate increases, ie. the interest rate sets the inflation rate.
If you were right, Fed policy would drive the nation into an unbreakable positive feedback loop (irrespective, really, of preexisting conditions because the conventional economic levers would always drive the nation the exact opposite way intended) until conventional understanding of monetary policy was abandoned.
The fact that this hasn't happened pretty clearly disproves your understanding: the conventional understanding may be wrong in some way, but its not inverted.
• ZIRP = Zero Interest Rate Policy