Peter McColough Series on International Economics, Council on Foreign Relations, June 26, 2014. BIS central bankers’ speeches  3  yields lower. This hinges on whether credit markets have been functioning smoothly during the period of quantitative easing.
If credit markets were working perfectly, then the Fed intervention to push real yields lower than normal was unwarranted and the low real yields were indeed punishing savers. At the same time, it is difficult to argue that credit markets have been working perfectly over the past five years.