Excerpt

The Fed's Dangerous Direction. Martin Feldstein, January 3, 2013, Opinion. "The Federal Reserve is heading in the wrong direction. What the central bank describes as "unconventional monetary policy" is creating dangerous bubbles in asset markets that will lead to higher future inflation and is supporting the explosive growth of the national debt. Its new "communications strategy" will, moreover, only further confuse markets. The Fed's recently announced plan to buy $85 billion a month of government bonds and mortgage-backed securities will keep long-term interest rates at historic lows, with a 1.6% yield on 10-year Treasuries and a negative yield on 10-year TIPS..."  Link verified April 3, 2014