May 10 (Bloomberg) — Ben S. Bernanke's $600 billion strikeagainst deflation is paying off, as stock and debt markets rise,bank lending grows and economists forecast faster growth.

The Standard & Poor's 500 Index has gained 13.5 percentsince the Federal Reserve chairman announced on Nov. 3 the plan tobuy Treasuries through its so-called quantitative easing policy.Government bond yields show investors expect consumer prices torise in line with historical averages. The riskiest companies areobtaining credit at the cheapest borrowing costs ever and Fed datashow that commercial and industrial loans outstanding are risingfor the first time since 2008.

“Looking at market indicators, you have to be convinced it'sbeen a success,” said Bradley Tank, chief investment officer forfixed-income in Chicago at Neuberger Berman Fixed Income LLC, whichoversees about $83 billion. “When you get into periods ofaggressive central bank easing, and we're clearly in the mostaggressive period of easing that we've ever seen, the markets tendto lead the real economy.”