Members of the Federal Reserve felt last month they should be ready to consider additional steps to boost the economy if an already softening economic outlook took a noticeable turn for the worse, a document released on Wednesday showed.
As a result of the change in financial conditions, most participants revised down slightly their outlook for economic growth, minutes of the Fed's June 22-23 meeting said.
The committee would need to consider whether further policy stimulus might become appropriate if the outlook were to worsen appreciably, the Fed said.
At the same time, the Fed should continue to test ways to withdraw some of the massive amounts of credit it has pumped into the financial system, Fed officials agreed.
(Reporting by Mark Felsenthal; Editing by James Dalgleish)