Congress, not the Fed is keeping the effective funds rate low

John Taylor is right, there is an indirect price control on short term rates.  The GSEs and reguated home lenders have  liquidity requirements mandated by Congress in the aftermath of the crash.

Here is the volume of reverse repurchase, or the deposits at the Fed by the GSEs and regulated home lenders. Note the volatility in the volume as ther Fed tries to raise the effective rate.   That volatility is indicative of a price control, Brad Delong.