Monetary choices after QE3

What are the choices that are left for the US economy with respect to monetary policy? Not much. 

There can be a targeted attempts to help specific sectors of the US economy through purchase programs like mortgages or provide further help with improvement of banks. Both of these policies are micro focused. The other alternative is to increase inflationary expectations through raising the inflation target above 2% or focus on nominal GDP targeting. Both of these policies will try and cause purchases today to avoid future inflation. This is supposed to a part of the key component of the QE programs, but the results has not been generated. There has to be more buying to effectively get consumers to believe there is going to be higher inflation. Financial bubbles do not count.

The Fed has to become an inflation producer not an inflation fighter.