Ben Bernanke, Chairman of the Federal Reserve, has led an ambitious expansion of the Federal Reserve's activities embarking on multiple phases of quantitative easing. It's clear that he has been the most interventionist Federal Reserve Chairman in history.
While it is true that Federal Reserve policy is often led by the Chairman, it is clear that most governing members believe that the current course of action is the correct one in dealing with the significant financial downturn of 2008. This is not a dictatorship and the affirming opinions for current policy are overwhelming.
(Read More: Bernanke: More Work Needed to Quell Another Crisis)
Recent comments by the Federal Reserve suggest that they are interested in adjusting policy in the near future if economic activity begins to strengthen. Still, Federal Reserve governors make it clear that they continue to be very concerned about economic softness and have no aversion to continuing the stimulus policies that have been so controversial over the past 3 years.
In fact, the likely next Federal Reserve Chairman is Janet Yellen who currently serves as Vice Chairman under Ben Bernanke and also holds the same views that he does (that more stimulus is better rather than less in difficult economic conditions). The net result of continued Federal Reserve action is that interest rates will likely remain low, particularly on the short end, for a significant period of time.