extended period

The Federal Reserve's latest Beige Book data confirms what other recent economic reports have suggested: The U.S. economic recovery slowed somewhat in the second quarter, with some regions reporting stalled conditions.

In testimony on Capitol Hill, Fed Chairman Ben Bernanke said that the central bank is ready to act in an economy that is "unusually uncertain." Bernanke's comments spooked the markets, which dropped precipitously as he spoke.

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.