This is a point that I often debate.
The huge supply of capital is having a large impact in keeping rates low, and this is regardless of what the Fed does. Indeed it is arguable that the Fed needs to keep short rates low to maintain stability in the system.

It is a little odd that many economists can highlight the demographic impact of the baby boomers and what the wave of retirees means for growth but few stop to think of the record number of people with a record level of savings that are looking to preserve this capital for an increasing length of life. The impact of these retirees and their desire to maintain capital for later spending is a reduction in demand and increase in supply. Hence lower rates.
I don't know how low is the right level