The Federal Reserve is expected to announce more bond buying actions this afternoon to help the stagnant economy, but analysts predict the board won't announce larger plans until September.

Federal Reserve Chairman Ben Bernanke and the board have been meeting for the past two days for policy discussions. Wall Street has been readying itself for an announcement that the government will purchase more bonds, according to Reuters. 

"We do not expect any new initiative from the Fed," said Eric Green, economist at TD Securities, in an interview with Reuters. "A dovish statement signaling willingness to do more will manage frustrated expectations for more (monetary easing)." 

Economists predict that the Federal Reserve will do more to stimulate the economy, because growth has slowed to 1.5 percent, according to Reuters. Yesterday, a report showed that consumer spending dropped in June. 

Detroit's three automakers also reported today that sales for July fell short of analysts' predictions.