The Federal Reserve may have handed the QE baton off to the ECB, but what hasn't changed is its Zero Interest Rate Policy that was  instituted way back in December 2008.   Who knew back in 2008 the term "extended period"  would equate over six years and counting of ZIRP.

When your friend asks to borrow money from you and offers to repay after an 'extended period', you might want to rethink that loan, especially if that friend is from the Federal Reserve.

If keeping interest rates at zero for an 'extended period' is great for the economy, why even have an interest rate policy?   The side effects of Zero Interest Rate Policy are vast and have already taken a deep and strong root in our financial system.

ZIRP has forced investors out of the safety of savings.  It has also created a debt fueled share buyback boom.  Corporations are buying back their own stock like never before, and at record high prices.