Value of QE Nov 9, 2014

I have not been able to find the exact figures but US banks have a very large amount of excess reserves in the Fed vaults. The point of QE is for the Fed to increase the amount of reserves it's member banks have so that, using fractional reserve banking ratios, they can provide abundant, low-cost credit to businesses and individuals, thereby increasing the money supply and stimulating economic activity, and thus growth. There is no point in increasing bank reserves further because they have not really used the reserves they already have for making business and consumer loans that much, so they still have more far more reserves than they need.
The reasons for this are deep but the net result has been that the velocity of money in the economy has remained very low. Therefore more QE would just be superfluous for any economic purpose. I guess the banks could just use additional reserves to buy more T-bonds and speculate in equities, as they have been doing. That's the reason QE has fueled the bull market in stocks, as well as bonds. Bonds, of course, have also benefited from low inflation.