A number of participants in the last meeting of the Fed's Open Market Committee believed that additional asset purchases would probably be appropriate in 2013, minutes of the meeting released by the central bank show. Conversely, "several" members questioned the effectiveness of the asset purchase program, and questioned whether the continuation of the program would be justified if the economy continues to grow at a moderate pace. Meanwhile, a "couple" of participants said that extending the Fed's stimulative policies could increase inflation risks. On the economic outlook, committee members saw little change since the panel's previous meeting. They continue to expect the economy to grow at a moderate pace, but added that recent data had been "encouraging." On the other hand, the participants continued to believe that global economic difficulties and the fiscal cliff could threaten the economic recovery. Furthermore, some members expressed concerns about the outlook for business spending, job growth, and the U.S. manufacturing sector.