I wondered what the long-term (quarterly) chart of M4 would look like if one took the end-May figure for the total and put it on the end of the quarterly chart (i.e. this chart assumes there will be no growth in M4 in June). Even with no growth in June, we have the strongest M4 growth for a while and a new high. I presume one can take this as evidence that QE is working.

Source: Bank of England. M4 ex. intermediate OFC’s quarterly with Q2 2010 approximated by May 2010 monthly total (RPQB53Q).