The Fed has done a fantastic job of keeping this economy reasonably afloat. It is ridiculous to present that it cannot affect (do good) for the economy...historical data is overwhelmingly in support of the Fed’s good actions helping strengthen the economy.
A lot of folks at the Fed have said that the best (and only) way they can help the economy is w/ stable prices. That may not be the popular line and it may not even be a consensus there but it's what I personally can sign on to.