WASHINGTON — With the economy picking up at a slower-than-expected pace, the Federal Open Market Committee mulled changes to forward guidance and the possibility of a new large-scale asset purchase program, according to the minutes of its July 31 meeting, released Wednesday.

"Regarding the economic outlook, most participants agreed that economic growth was likely to remain moderate over coming quarters and then pick up gradually," the minutes state. "However, some participants indicated that they had lowered their near-term forecasts for economic growth in light of the weaker-than-expected increases in consumer spending and employment in recent months."

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