Trolls tell us that a lot on the FR, but low interest rates have never had that affect in decades past. What's different this time was huge tax hikes, unprecedented deficit spending, and a deliberate rejection of the rule of law. The fed had nothing to do w/ it.
The low interest rates of the past were driven by the market, mainly in commercial and consumer markets . The current low interest rates in most markets are an economic fiction created by QE. Of course our QE ended as some trolls here point out but only for now while other CB's continue. It will be back, and with that anticipation, rates stay low. The fed funds rate was not market driven in the past just as today.
However the FOMC increased the real FFR in the 50's. They lowered the real FFR in the 60's and 70's resulting in stagflation and economic chaos. They raised the real FFR in the 80's and 90's until the idiot Greenspan created his put. That essentially created a speculative economy based on the expectations of rate changes (either direction).
Today's inflation expectations are low mainly because the economy is crap, not because of expected tightening. The fed can't control inflation, not on the downside and not on the upside. All they can do is create bubbles in carry trade and commodities which pop and make the economy worse.
The worst impact is discouraging low term commitments of real money (not borrowed). The economy stagnates because (essentially) everybody is speculating in the various bubbles that come along and (essentially) nobody is putting their money into 10 or 20 year investments.