Federal Reserve officials, voting for the fastest easing of monetary policy in two decades, said “relatively low” interest rates may be needed for some time to counteract a faltering American economy.

“Several participants noted that the risks of a downturn in the economy were significant,” according to minutes of the Fed’s January 9 and 21 conference calls and January 29–30 meeting. “Many participants were concerned that the drop in equity prices, coupled with the ongoing decline in house prices, implied reductions in household wealth that would likely damp consumer spending.”

America has moved closer to a recession since policy makers last met, with payrolls shrinking, manufacturing stalling, and the housing market showing no sign of recovery. At the same time, some officials also considered that a reversal of the rate cuts may be needed once the economy stabilizes, the minutes showed.

“They’d love to raise rates by the end of the year,” the former director of the Fed Board’s Division of Monetary Affairs, who is now at the American Enterprise Institute in Washington, Vincent Reinhart, said. “They could only do it if the slowdown had been short-lived, of course.”