CHICAGO, Nov. 6 (Xinhua) -- Leo Melamed, the founder of financial futures, has labeled the U.S. Federal Reserves' second round of quantitative easing not only dangerous but unnecessary.

The Federal Reserve announced Wednesday it would buy another 600 billion dollars worth of U.S. Treasury securities to revive the sputtering U.S. economy.

"The U.S. Federal Reserve is taking a very dangerous and unnecessary step by undertaking a second round of quantitative easing policy," Melamed told Xinhua reporter in an exclusive interview here Friday.

"We have certain opinions as market participants. I think the Fed is taking a very dangerous step, because it's not clear that the QE2 is necessary, and it's also not clear whether it can achieve the purpose Fed intends," said Melamed, currently chairman emeritus of CME Group and CEO of global consulting enterprise Melamed & Associates, Inc.

"We already had a good deal of quantitative easing in the U.S, and so far it hasn't done any restructuring of the market. In terms of strength of the economy, our economy has not rebounded, so why would it be necessary to do it again, when the first round isn't helping. We should give it more time before we do anything else," he said.

Melamed warned it was a very dangerous move the Fed was undertaking. The danger was that it might not work to rejuvenate the economy but would create a falling dollar, which was not helpful for the economy and eventually would create an inflationary environment in the United States.
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