They need to wake up and move rates higher, or this will end badly. What started as a punch bowl that no one could pull themselves away from has turned into a swimming pool. The FED has tremendous cover here to move rates incrementally higher.
It's already going to end badly...After all, global ZIRP/NIRP has herded everyone into riskier assets after 8 years of "emergency measures". The flip flopping by CB's has completely distorted the markets; just when the herd jumps in with the mentality that they will maintain this accomodative policy and/or Europe and Japan follow suit, raising rates out of nowhere will just compound the problems...