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Latest data showed that core consumer price index, the key figure to measure inflation, grew only 0.8 percent in September on a yearly base. It was lower than the Fed's comfortable level of inflation ranging from 1.5 percent to 2.0 percent.
In fact, the Fed expressed its concern about deflation in recent documents.
On the unemployment front, with 14.8 million Americans unemployed and unemployment rate hovering at double digit, the Fed has been facing criticism.
Aiming at further lowering borrowing costs for consumers and businesses that are still suffering from the worst recession since the Great Depression, the Fed's QE2 policy is widely questioned.
Many economists doubt about the policy's effectiveness and worry about its spillover effect on the rest of the world.
"The Federal Reserve's proposed policy of quantitative easing is a dangerous gamble with only a small potential upside benefit and substantial risks of creating asset bubbles that could destabilize the global economy," Harvard University economist Martin Feldstein said an article published by the Financial Times on Wednesday.