The QE's haven't produced significant inflation. They've been pretty good at modulating it to keep things steady. Which is how they know that if they just stop QE deflation will set in.
Also, the Feds are not printing money. They're selling bonds to the Fed. Huge difference as regards future money supply. Bonds get repaid. If the economy ever gets moving again, that will be a moderating influence. Provided the anti-tax morons don't mess it up.
(Search back for discussions of the semantics of CPI; I'm sure they'll be repeated, but they're there if anyone's interested.)
Maybe I'm reading the post too literally, but here goes:
How many rate and spread scenarios have you calculated out to approx. April, 2016? Using the replies to your posting, you could enter all the data for rates, spreads, and future price per share for four different scenarios in about 40 minutes. Take another 15 minutes and enter the data for zero gain over 20 quarters. Be pessimistic and just crush the pps and the dividend yield over every quarter.
I think you will find that AGNC, IVR and other quality paper-holders are still ahead of most other investment categories.
Worse thing: Freddie and Fannie shut down .... chances within three years = zero
Rates decline: this would reduce the spread [since the cost of capital can't decline] hurting MREIT's. Chances: This is happening right now, but minor so far. I don't think many people see this as a problem.
Hyper-inflation: not going to happen. this ends the U.S. economy as we know it. We would default on the national debt; the world economy would collapse ... this will be prevented somehow.
Most likely: rates and spreads stay pretty much where they are. Economy not strong enough for anything else.