"...Reading between the lines - the Fed is not seeing economic traction anytime soon. Consider that USA monetary policy is based on gold standard conventions which becomes less and less effective as government debt grows. Further modern day monetary policy for a major currency is effected[sic] by leakage and actions by other currencies.
The Fed cannot allow interest rates to raise when: In short, the USA is between a rock and a hard place - as it is almost certain that rising interest rates would apply abnormally large brakes on the economy. Realistically, there is little difference between 0% and 0.5%, so politically based monetary policy movements are possible.
Yet, there are too many parallels with Japan (mainly debt plus demographics) to believe the USA can escape economic doldrums without a major shift to a less of a gold standard approach to monetary policy.
In the meantime, unless you are in the 1% - prepare for a less affluent future. In the olden days (pre-New Normal), your plan for retirement was based on less risky bonds for income and cashing out the old hacienda so that one could make lifestyle decisions. For those already retired, and the boomers - time to look for Plan B as shown on the below chart which shows real return on 10 year treasuries."