But most analysts believe the Fed made it abundantly clear that another round of buying is in the works if the economy doesn't improve markedly by the time the Fed meets again in September.

Not all members of the FOMC agree that more stimulus is needed. The debate between these so-called hawks and the activists led by Fed Chief Ben Bernanke should be on full display with the release of the minutes.

On the housing front, the Mortgage Bankers Association mortgage index is out Wednesday; July existing home sales are also out Wednesday; July new homes sales on Thursday. The housing sector, key to the health of the overall economy, has been in a historic slump for nearly four years.

A glut of housing the result of speculative building and record foreclosures have kept home prices falling in most areas of the U.S. since the housing bubble burst in 2008. That downward momentum has yet to turn around and most economists predict there will be no sustained economic recovery until the housing market hits bottom and starts to move higher.