Political opponents of U.S. President Barack Obama have expressed serious doubts about the Federal Reserve's bold move to pump up the country's floundering economy with its latest plan to trade short-term for long-term bonds.

When Republicans heard about "Operation Twist", most of them came up with critical remarks including what Rep. Scott Rigell from Virginia described as a "trend of increasing inflation without any growth."

"It is beyond doubt that low-interest rates favor job creation. The Fed has been too aggressive in raising money supply which creates the real hazard over time of inflation and hyper-inflation," he stated.

Rigell's argument is "the expectation that this action by the U.S. Central Bank will encourage borrowing by enterprises and consumers will cut off 0.2 percentage points from long-term interest rates."

Even House Majority Floor Leader Eric Cantor expressed anxiety about "Operation Twist."

"Unrestricting monetary policies have produced negative effects with regards to international confidence on the U.S. dollar and in the economy as well," he said.

According to a report by businessspectator.com.au, during the last two years, the Federal Reserve has acquired $1.65 trillion worth of federal bonds or loans to the U.S. government. The maturity may take anywhere from 1 to 2 years or even up to 30 years. The Fed hopes that "trading some of the shorter-dated bonds for more of the longer-dated options will increase demand for the latter. This is expected to multiply prices and reduce the yield which is the effective rate of return the holder in the bond will obtain from the investment."