What ailing the economy is gov't regs and the tax'n'spending. The president can do more of that by executive order --I know it's not legally possible but it makes so much more sense than the Fed crashing the economy with what, the inter-bank discount rate?
In my opinion they’d plausibly do it. Just abruptly end QE....something like that.
In the long run, that’s best for the nation, but the short term effect will be pain that will carry into the 2016 campaign.