No, I think the fed's job isn't necessarily to do long-term manipulation of rates, etc. The whole point of QE was to provide medicine before the congress could enact real legislation to solve some of our woes. Instead, all we've had is 6+ years of congress doing nothing. Nobody willing to reach across the aisle, even when things legitimately make sense and both parties agree, they still won't do anything.
It is beyond pathetic.
PS: What can the fed do when the rest of the world is in utter chaos. The hardest part of all of this is, we are a global economy and while the US economy is actually on pretty good footing and supportive of rate increases, the reality is, the rest of the world's central banks don't work with / talk with the US and thus we are going to be in this tough spot where it will be very difficult to raise rates given when it is going on in Europe and Japan. It will ultimately drive significant volatility in rates and also continue to drive increased equity volatility as well (if not worse equity volatility).