A stream of disappointing economic reports has underpinned expectations that the U.S. central bank will do more to stimulate growth with a third round of billions of dollars of bond purchases, also known as quantitative easing, or QE3.

“I am sure the Fed is watching, will try to encourage the economy, but I don’t think a massive new QE3 is going to help this economy,” Romney said in an interview with CNN’s “State of the Union” television program aired on Sunday.

“The Fed’s first action, quantitative easing, was effective to a certain degree. But I believe that the QE2, the second round of easing, I don’t think it had the impact that they were hoping for,” he said.