It appears the Feds battle right now may be with holding the low interest rates. With the election cycle you have an incumbent who wants to stay in office and a challenger who does not want to start his possible first term off with another market collapse.
If interest rates start rising it will the start a series of events that will be beyond the Feds control. Payments rise on national debt and consume more of the national budget as well as challenging market confidence in the dollar. Also, all the banks that have been bailed could be in trouble and will most likely crash the mortgage market again.