i agree that it is good for mreits. Obama just wants more stimulus and cares more about jobs than he does inflation. I think his back hand slap on Bernanke sent a message. I don't think we will see the fed raise rates on Obama's watch.
Remember the last widely held/consensus view/expectations in regards to the action(s) of the federal reserve? Poor Yellen doesn't have to do something hawkish in order to get an 'adverse' market reaction, she just has to be uncharacteristically not-dovish (or just neutral). Expecting something based on a reaction is in itself a reaction, and a dangerous presupposition. Dangerous presupposition example would be: buy MBS because _everyone_ knows Yellen will be dovish - Well, what if she isn't ? What if she's just.. A fed chairwoman.. Doing her job.
Let's say tunnel-vision dovish is the case.. And she places a brick on the 'gas pedal' that Bernanke referred to.. That's not good.. It could cause runaway inflation along with inflation's good traveling buddy, Mr. Runaway Interest rate. At least those awful pay fixed, recv LIBOR swaps would theoretically start to work.
The remaining scenario/outcome to the above is that the world matches the money printing and we basically get world wide inflation (although not quantifiable immediately). And our currency continues to have low inflation. That is sorta like picking the hottest fat chick. Super duper.