Two join Federal Reserve's board

The group's next meeting is Nov. 2-3, and it's thought the Fed could announce plans to purchase more government debt in an effort to get consumers spending again and put businesses back into a hiring mood.

Buying the debt has already led to lower mortgage rates and lower interest rates on corporate loans and other debt. 

Federal Reserve Chairman Ben Bernanke signaled in a speech late Monday that the Fed might move forward with those plans to help the economic recovery pick up pace. 

The Fed has loaded up its balance sheet with purchases of nearly $1.7 trillion in mortgage securities and debt, as well as government bonds, during the recession. 

A government employment report for August expected for release Friday could steer the Fed's next policy move.