Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, opposes the mortgage-backed securities and Treasurys purchases the Federal Reserve continues to make.

He believes that the continued commitment to quantitative easing will not spur growth beyond 2% while making an exit from the program more challenging. 

"In this situation, the benefit-cost trade-off associated with further monetary stimulus does not look promising," he said. "The Fed seems to be unable to improve real growth, despite striving mightily over the last few years, and further increases in the size of our balance sheet raise the risks associated with the “exit process” when it’s time to withdraw stimulus."