Key Phrase From Fed Beige Book

"Consumer purchases were mostly limited to necessities and nondiscretionary items."

This is deflationary psychology at work. It is not bullish, and it is not positively affected by quantitative easing. In fact, the more stimulus there is, the more it trickles into grains, softs, and energy-related commodities, thus raising prices. Thus taking more money away from the consumer. Thus perpetuating the malaise.