Don't Fight the Fed...Unless You Are the US Government (includes a review of 20+ years of data) 

It benefits those that are currently in office. There is a macroeconomic hypothesis called the political business cycle. This says incumbents will manipulate the macroeconomy to increase their chance of being reelected. Sadly, this short-term incentive issue has long-term negative consequences. What is the best way for administration to get reelected, having a robust economy. Sadly, this short-term incentive issue that has long-term negative consequences. So, again, who does it benefit, the incumbents. Economist Steven Landsburg argued that economics can be summarized in two words “incentives matter."