Schroders' Keith Wade says the US and UK are increasingly likely to see another round of QE, but he questions whether it will bring any immediate boost to the sluggish economies.
Wade, the group's chief economist, says the correlation between risk assets and QE, which was apparent in 2009, has returned.
"We have come a long way since the beginning of the year when the talk amongst policymakers and investors was on how to unwind the stimulus put in place during the financial crisis - the so called 'exit strategy'," Wade says.
"Purchases of bonds did come to an end in the first quarter of the year, but now look set to resume in coming months.
"Markets are moving in anticipation of the impact with investors pushing down the value of the dollar and US treasury bond yields."
However, Wade argues the link from QE to the real economy remains "tenuous".
"By boosting markets and facilitating easier financing, asset purchases do help activity," he adds.
"At this stage though with bond yields approaching new lows and the markets enjoying healthy liquidity it is difficult to see how another round of action from the central banks will make much difference.
"We would expect the main effect of QE will be to boost deposits in the banking sector, but to have little effect on activity as banks and households continue to reduce their gearing. The rise in money supply will be offset by a fall in the velocity of circulation to leave activity unchanged."
Wade says the impact of QE is likely to be felt in the longer term.
"Eventually we would expect bank lending to resume and for the extra liquidity to find its way into the real economy," he adds.
"There will then need to be some nimble manoeuvring to reverse the effect of QE on inflation. Yet, that is probably a couple of years away, at least.
"Central banks may recognise this, but they also know that they need to be seen to be acting. In the battle against a double dip or deflation, no one wants to be found with any spare ammunition."
Clarke replacing Balkham
'Deep-dive analysis of client behaviour'
Ways to mitigate April’s increases
The best equity income funds examined