Yes, the Fed is launching the next round of (don't call it) QE.
No, it's not freaking $690B/wk. That includes up to $120B in overnight loans. So, $600B of that number is the same $120B counted over and over, when at the end of the week the net balance is zero.
Even knocking out most of their number, it's still way too high, but with an article based on flat out lies, it's not worth putting much effort into. If you're interested in this stuff, you'll want to know what the Fed is up to. But don't go looking to this article for answers.