Goldman Sachs' David Kostin succinctly talks about the costs, risks and investment implications in a new note to clients:
The new policy has costs, risks, and investment implications. The “cost” of a sustained low interest rate policy is borne heavily by those dependent on fixed income where low yields make it difficult to cover living expenses. Yield is rare in the current investment environment. Our Dividend Growth basket should outperform given the premium yield (2.7% vs. 2.2% for SPX) and dividend growth (15% CAGR through 2014 vs. 8% for S&P 500).