She has no alternative. QE doesn't work to stimulate the economy; rather, it gives the impression that the economy is being stimulated. It's not the end of QE that will have a negative effect on equity prices, it's the lack of stimulus of any sort to which the market will respond. Forward guidance is a joke. It's only as good as the Fed's forecasts, which are historically the worst of any economic group.
If the Fed doesn't quit QE, they will end up transferring most of the US government debt to the Fed balance sheet. Although this may not, in fact, be a bad idea, the rest of the countries in the world will object.
Clyde, the whole reason the Fed is tapering is because the economy is getting better. QE is a large reason why. It's amazing that economics and politics are two areas where people feel free to post without adherence to the facts.