"Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery", the minutes said.
The statement suggested growing support within the board to act as at their previous meeting in June, only "a few members" thought further stimulus would likely be needed.
"Many participants expected that such a program could provide additional support for the economic recovery both by putting downward pressure on longer-term interest rates and by contributing to easier financial conditions more broadly," the minutes stated.
Most policymakers agreed that "economic growth was likely to remain moderate over coming quarters and then pick up gradually" and that the unemployment rate would decline only slowly.
Members agreed that they would closely monitor economic and financial developments and "carefully weigh the potential benefits and costs of various tools in assessing whether additional policy action would be warranted".