Vincent Reinhart at AEI said it may not happen immediately, but he believes significant Fed action is just around the corner.

"I think ultimately the Federal Reserve will go to QE3 [Quantitative Easing 3]. They'll go to QE3 because there is a persistent drag on the economy and the unemployment rate will stay high," said Reinhart.

Of course, much will depend on the Fed's assessment of the U.S. economy at its next meeting in September. But Bernanke insists he still has a range of tools at his disposal. He also urged Congress and the White House to do more to jump start the economy.

Given the political climate in Washington, New York financial expert Jon Henes is not holding his breath.

"I'm not optimistic that will happen, not going into an election year," said Henes.

Despite increased pessimism and growing fears of a double-dip recession, key indexes on Wall Street closed higher Friday - on Fed sentiments that the long-term prospects for the U.S. economy remain strong.