Considering that quantitative easing is effectively the same as an interest rate cut below a zero bound, the yieldcurve is very steep even with 10-year yields just below 2%.
It is unnatural to have interest rates close to zero and to distort the yieldcurve by pegging longer-run bond prices at artificially high levels and suppressing yields.
Pegging the federal funds rate close to zero for another three years and twisting the yieldcurve to lower longer-term rates will continue to misprice credit, penalize saving, and encourage risk.