The Fed is not hoping for anything, the banksters don't hope, they just execute. It's dual pronged attack, a fake deflation (aka credit contraction) to force people to dump assets with a huge influx of dollars right behind it to cause massive inflation & devaluation of the currency.
Here is a quote from a Bank of Japan spokesman recently. At least they get it. Tokyo has announced a total of 6.8 trillion yen ($71 billion) in spending on stimulus measures as it joins other major economies -- from Europe, to the United States to China -- in seeking to ease the impact of the global financial crisis on their economies. While speculation about more steps is growing with the world's No.2 economy facing perhaps its longest recession on record, Yosano rejected increased public spending given Japan's huge public debt totalling 1- times gross domestic product. "We are already deep in debt, so to create effective demand for instant pleasure would not be wise," Yosano was quoted as saying in the interview.