As Mike Jones, currency strategist at Bank of New Zealand notes, "there was no cryptic language or beating around the bush from the Fed", after the minutes stated – “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.”
Mr. Jones adds: "Unless we see a clear pick-up in US economic indicators, the Fed looks set to ease again, possibly as soon as September. Bear in mind that, with most of the 10 voting members of the FOMC regarded as doves, “many members” may actually amount to a consensus."
Mark also notes that an easing need not necessarily be via more asset purchases (QEIII). "Indeed, the minutes show the Fed discussing a range of easing vehicles, including lowering the interest paid on bank reserves and extending its forecast of zero interest rates beyond the current late 2014”.