On page 4 of this article there is this laughable statement:
"The Fed's relentless quantitative easing also has provided an unexpected benefit -- lower interest rates."
Low interest rates are EXACTLY the purpose of the Fed's qualitative easing programs that directly resulted from the 2008-2009 financial crises. This wasn't at all unintended. Keep in mind that QE3 is now almost universally called a "stimulus" program for the US economy.
The US Government, with complicity of the Federal Reserve banks, are playing a slick trick on "we the sheeple". The US blithely continues deficit spending to the tune of about $1 trillion per year. If they tried to get this funding by selling US Treasury obligations on the open international market, relatively high interest rates would result as the buyers would demand rewards commensurate with the risk. As a minimum, the interest rate would have to be at least the rate of inflation in the US. In turn, consumer rates would float at interest levels above this "prime" rate.
But since 2009, under the guise of the QE3 "stimulus" program, the Federal Government has been pawning off its annual deficits to the Federal Reserve banks, currently to the tune of $85 billion per month, at near-zero interest rates. This accumulating debt obligation that is earning essential no interest goes indirectly onto the backs of US taxpayers since the Fed is the ultimate "too big to let fail" so-called-private organization. The Federal Reserve does not have to make "investments" that earn money since they are answerable to no one and they alone control the money supply in the US. So, the Federal Reserve keeps prime interest rates low and this, in turn, gives consumers relatively low interest rates.
Nice while it lasts, but what happens when (if ever) the Fed wants to offload its massive accumulation of US Treasuries and US mortgage-backed securities, now approaching $4 TRILLION?