borrow more money from the banks, thereby reducing bank lending, in order to boost credit to the government debt and mortgage market.
The policy will reduce the velocity of circulation of money as the money banks lend circulates in the real economy, and the money in mortgage market and government debt market circulates from one account to another in places such as Liechtenstein, Zurich, Beverly Hills, the Hamptons, Chicago's North Side, or the Cayman Island, etc...Whether the balance is $156,555,555 or $157,225,444, or $558,555,666 or $559,254,666, day to day, is not going to impact the rate of spending or the circulation of that money at all. Such wealth is helped by lower rates but it does not circulate. In the meantime the money that is being sucked up out of the banks to bid the big accounts higher and higher cannot circulate at all.
The policy is deflationary, although it can increase commodity prices for a while longer until they crash under the pressure of higher investment stimulated by cheap money.
Unemployment? No noticeable impact, that is unless deflation speeds wages to a lower level and clears the market. The monetary policy has nothing do with that process though.
As always, it is best to sit in short term bills as these bubbles build...