With no apparent signs that the Federal Reserve's aggressive stimulus is causing harm, the measures likely will continue despite persistent signs of economic recovery.
The debate over monetary policy may be a case, then, over not what Fed Chairman Ben Bernanke worries about most but rather what he is not worried about—mainly whether creating trillions of dollars will cause the runaway inflation that many critics expect to happen.
"Europe has stabilized, the (U.S.) economy is doing better, yet the Fed has this super-accommodative policy in place," said Joe LaVorgna, chief US economist at Deutsche Bank. "It doesn't make sense, but they're stuck with it." (Read More: 'New Normal' May Be Nearing End: Pimco's El-Erian)
Bernanke has said that the Fed will wait until the unemployment rate drops to 6.5 percent and inflation exceeds 2.5 percent before the Fed starts raising interest rates. Unemployment is currently at 7.8 percent and inflation a shade below 2 percent.
When it will stop creating money and buying government debt is another question, with that process likely to end before interest rates rise.
Quantitative easing has sent the Fed balance sheet to nearly $3 trillion and spiked fears that all that money floating around eventually will find its way into the economy and create rampant inflation.
But recent signs of economic improvement—like the steep drop in weekly initial jobless claims and a four-year high in home construction, both reported Thursday—have done little to sway Bernanke.
It has, though, stoked criticism and calls for the Fed to begin letting the economy run on its own.
"I am nonplussed as to why the most senior folks at the Fed seem to be so enamored with more QE," LaVorgna said. "That's probably a function of those folks putting way too much emphasis on what their models of monetary policy show. I don't trust their models. They don't work where relations to variables have gone to places we've never been before."