Macro and Other Market Musings: Is the Fed Really Causing the Sustained Drop in Interest Rates?

Many observers claim the Fed, through its large scale asset purchases (LSAPs) and its forward interest rate guidance, has pushed down interest rates and compressed the yield curve spread. Consequently, savers, investors, and financial intermediaries who need positive interest spreads have been harmed. It's all the Fed's fault they say. As I have pointed out before, this story falls apart...