Yes, the Fed can do more, and probably should have done more a long time ago
The infamous quote from Milton Friedman was: "We're all Keynesians now." Some, including Friedman, claimed that quote was taken out of context. I can't find the precise quote right now, but he prefaced that statement with something along the lines of "in a sense.." and appended that comment with something along the lines "and in another sense none of us are Keynesians now." What Friedman meant at that point in time, and I believe he thought up until the day he died, was that the vast majority of economists were Keynesians in the positive sense. That is, the Keynesian model of macroeconomic business cycles was essentially correct. But Friedman disagreed with Keynes' normative solution to the problem of severe recessions and depressions: that fiscal stimulus should be used to rescue the economy from recessions and depressions when interest rates hit the zero lower bound. Instead, Friedman argued that appropriate management of the money