The real problem is that we allow the government (through the Fed) to fix the rate of interest at all.
They got a lot to do w/ the bank overnight rate but that's about it. The free market sets most other rates which may or may not follow suit. The reason congress decided to have the Fed do the bank rate is to have a bit of control over money in the U.S. --it's how congress complies w/ Article. I.Section. 8. of the Constitution "...coin Money, regulate the Value thereof..."