First, nobody could have a more negative view of the Federal Reserve than I. It is run by a disastrous group of academics, who have no clue about what is happening in the real world. They believe money-printing can create jobs.
They are going to bankrupt the world. Mr. Bernanke said the intention of QE3, which then turned into QE4, was to lower long-term bond yields.
As it happened, yields on Treasury notes and bonds bottomed on July 25, 2012, and have been rising since. The policy was a failure.