What makes you so sure this money does not go into fixed income/ bonds since we could be heading for a deflation?
Let's consider another world besides the current unlimited money one we are living in. The Fed decides to cancel ETF buying program. The Fed also decides to, not only stop buying bonds, but begin selling the ones it already has. With a target of getting all assets on its book back below a measly $1 Trillion and putting a nail in the coffin of ZIRP!! Where is the Dow .... once it is even is (of course never) announced? Dusk is dawn is day Where did it go? I've been laughing Fast and slow Moving in a still frame Howling at the moon Morning found me laughing Up and down, down Low, low, low