WASHINGTON — With the economy continuing to grow at a slow pace, the Federal Open Market Committee's new quantitative easing program won approval despite skepticism about whether it would be as effective as previous rounds of accommodation, according to the minutes of the committee's Sept. 12-13 meeting, released Thursday.

"Some participants thought past purchases were useful because they were conducted during periods of market stress or heightened deflation risk, and were less confident of the efficacy of additional purchases under present circumstances," the minutes state. The minutes of the committee's previous meeting had revealed some trepidation among members as the group mulled a new round of purchases, which manifested in September as an agreement to purchase additional mortgage-backed securities at a pace of $40 billion per month. That is in addition to the ongoing purchases of $45 billion per month of longer-term treasuries under the maturity extension program announced in June.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.