In big-picture America, corporate balance sheets are impossibly flush and rates are nearly zero. The Fed had hoped that making money cheap would lead to capital expenditures by corporate America. Instead companies are ignoring cheap money, tax incentives and ample available labor, in favor of buying back their own stock.
We are in a highly deflationary environment. Globalization and technology has put huge downward pressure on wages. China alone can produce every gadget everyone could ever need so the excess capacity in the world is large, hence falling prices. However the banks can't afford falling prices because they would go bankrupt and someone else would be allowed to own assets at the new lower prices. They can't lose the keys to the kingdom they are Royalty and will use all of their power and influence to make sure Lord Longshanks stays in power. So the seemingly mild inflation is actually quite large in real terms. When your paid less money than you made ten years ago and the price of food and fuel have doubled their is serious inflation in Real terms. In other words prices should be lower based on wages and demand if the money supply was stable. Most people would benefit by lower prices but the Fed is not concerned about most people.