Bryn Jones, the head of fixed income research at Rathbones - a wealth management firm based in London - believes that accommodative policy by the Fed would have been shunned by policymakers back in the time of President John F. Kennedy.
He added that some market participants have argued that by delaying a hike in interest rates and flooding the market with money, some of the Fed's actions may have a "socialist" flavor to them.
"Some have since argued that the central bank's actions in recent years, as well as this delay in raising rates, have a somewhat 'socialist' tinge to them," he said. He also noted that there are mutterings within the U.S. Congress about wanting to restrict the autonomy of the Fed.
"Are these the first signs that policies of free money have been in place for too long? All boats have risen with the tide, and the waters have become a bit crowded," he said in a post on his company's website on Wednesday.
"Perhaps we have all become a little too worried about failure. Perhaps it has all become a little too safe."
However, Jones admits that without quantitative easing from the likes of the Fed, a "great recession" might have become yet another "great depression." However, harking back to his days as an economic student, he recalls that the key difference between Capitalism and Marxism is known as "creative destruction," when a new economic model replaces an old one.
"If we avoid it, as we have been for the last seven years through QE (quantitative easing), how is it possible to tell the difference between the two? How blurred are the boundaries? Trying to figure out where we are in this economic cycle is like playing 'pin the tail on the donkey' with your hands tied behind your back!," he said.
The Fed had an unexpectedly dovish message to markets on Wednesday which hit the strength of the dollar and buoyed riskier asset like stocks. Yellen indicated that a rate rise would be closer with the removal of the word "patient" from the Fed's statement, but the central bank also signaled that it was not in a hurry to do so.