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This paper examines the effect of the Feds quantitative easing(QE)policy on the South African deposit interest rates from the start of the policy to the end. The Federal Reserve’s monetary easing policies including quantitative easing have contributed to exchange market pressures，pressure on the stock markets of most emerging markets(EMs)including South Africa and also to greater capital flows resulting in a high volatile and unpredictable money supply.This has caused the country’s currency to depreciate and volatility on the stock market due to large capital inflows.Nonetheless，the results show that there was little evidence that thishad a devastating effect on the country’s interest rates.Drawing inflation to acceptable range has been the main focus of the country’s monetary policy ensuring a stable economy. QE generally，and on balance had a more positive impact on South African economy and the global economy.