Fed minutes

The U.S. economy has strengthened, but not enough for the government to pare down its bond-buying program, according to the latest Fed minutes. In late 2010, investments rose and the job market improved -- but the housing market remained depressed.

The Fed says it expects the U.S. economy to grow weakly in both 2010 and 2011, with as many as six years needed to return unemployment to normal levels.

The minutes of the FOMC's September meeting show more quantitative easing may be needed "before long," but the bankers delayed any moves while waiting for more data.

At its August meeting, the Fed agreed to maintain the current monetary policy, but the decision was hardly universal. Some members said the recovery was on track and expressed concern that the decision to reinvest Treasury proceeds would send the wrong signal.

Federal Reserve officials signaled at their August meeting that they would consider going beyond a modest program to purchase government debt if necessary to boost the economy. Minutes of the Fed's discussions at their Aug. 10 meeting show the central bank recognized that the economy could need...

The minutes from its June meeting raise some warning flags about growth and unemployment. Still, the Fed's latest forecasts are just slightly more pessimistic, and it has ruled out any further stimulus actions -- at least for now.