"They would have to have good reason, like a change in inflation or seeing employment increase," said Siebert. "The interest rates can't go much lower."
Siebert said the most important and long-lasting effect of the Fed's purchase on the economy is if more jobs are created.
"When companies can borrow such cheap money, maybe they can start hiring and will create salaries and consumers will spend some of it," said Siebert. "Consumers have been pretty conservative. They've been paying off their debt, which is good. When they do start to buy, they'll be in a better personal financial condition."
Some analysts said the Fed's actions will do more harm than good.
"The actions today will help the S&P 500 but will have a negative impact on the dollar," said Bartmann. "So for all of us, that has negative ramifications."
Bartmann believes the Fed acted out of desperation, with few options to handle a stagnant economy and unemployment rate, which stood at 9.2 percent nationally in September. He said the Fed's purchase is similar to the $787 billion American Recovery and Reinvestment Act that the president signed in February 2009.
"This is the age-old definition of insanity," Bartmann said. "They're doing the same thing and expecting different results."
Other analysts said the Fed's actions are not enough and the new, Republican-controlled House being seated in January will need to enact additional policies.
"We can't just let the Fed Reserve do it," said Allen Sinai, chief global economist at Decision Economics. "We need Washington to boost jobs and deal with our deficit and debt problems. We also need to get our budget done. It's totally irresponsible."