Fed officials spoke of need to provide more support to weak economy if growth does not pick up

WASHINGTON – Federal Reserve officials spoke with increased urgency at their last meeting about the need to provide more help for a weak U.S. economy.

The minutes of the July 31-Aug. 1 meeting show many members felt further support would be needed “fairly soon” unless the economy improved significantly. The minutes didn’t say what steps might be taken. The boldest move would be to launch a new program of bond buying to try to lower long-term interest rates to encourage more borrowing and spending.

The minutes show many officials favoured pushing the timetable for any increase in record-low short-term rates beyond the Fed’s current plan of at least late 2014. Many economists think the target will be extended to mid-2015.

The minutes indicate this language might be altered at the September meeting.