I've read an interesting article on Wolf Richter's website (http://wolfstreet.com/2017/07/13/what-will-the-fed-do-jobs-productivity-inflation-qe-tighten/). Long story short, he said that QE was deflationary because productivity fell. The reason is that cheap money fueled stock buybacks which are risk free instead of investing money in hiring people or in investing in new technology (more risky than buybacks). If the Fed unload its balance sheet, it will be inflationary because businesses will have to take on more risks to generate profits. Therefore, they will increase wages for higher skilled people and investing in productivity. From my point of view, I think it makes sense... what do you think?
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And I just want to add that since the Fed started increasing rates, buybacks have decrease considerably. So his theory is holding so far.