Investors are looking for more action from the Fed in the coming months

Minutes from the Fed's July policy meeting were released Wednesday and policymakers' dour outlook suggests that more easing and stimulus could be on the way, strategists who closely watch the central bank say.

Why it matters: More liquidity from the Fed could mean more gains for stock and bond prices and further erosion of the dollar.

The backdrop: The Fed has tapered off its quantitative easing bond-buying program and additions to its balance sheet in recent months as credit markets have smoothed and the S&P 500 has risen back to record highs.

• But worries about a languishing economy, a lack of action from Congress and rising long-dated bond yields could spur action.

What they said: "Noting the increase in uncertainty about the economic outlook over the intermeeting period, several participants suggested that additional accommodation could be required," the minutes noted.

• The Fed's staff also warned "that a more pessimistic projection was no less plausible than the baseline forecast."

Between the lines: Analysts at TD Securities said they "continue to expect the Fed to ease in September."

• "The Fed's failure to pre-commit left markets disappointed today, but we don't think easing has been ruled out."
• "We believe that forward guidance will be strengthened and QE purchases will occur in the long end."