The drop in global stocks, further fueled by concerns over Europe's debt crisis, adds to pressure on the Fed, which is confronting a slowing U.S. economy and unemployment stuck above 9 percent.

The Standard & Poor's 500 Index tumbled 6.7 percent yesterday to 1,119.46 in New York trading, its biggest decline since December 2008.

The Financial Stability Oversight Council, which is chaired by Treasury Secretary Timothy F. Geithner and also includes Bernanke, convened by teleconference yesterday afternoon, according to a government official who declined to be named because he wasn't authorized to discuss the matter.

Staying In Touch

The council discussed market developments in light of increased volatility and risk aversion, the official said. Each member gave an update on market functioning and details on sectors they oversee. Council members, who also include the chairmen of the Securities and Exchange Commission and the Federal Deposit Insurance Corporation, agreed to stay in close communication in the coming days, according to the official.

Today, U.S. stock index futures rose, European shares pared losses and Treasuries fell.

Standard & Poor's 500 Index futures added 1.5 percent at 8:41 a.m. in New York, after losing as much as 3.2 percent. The Stoxx Europe 600 Index was down 0.4 percent after falling as much as 5.1 percent. Treasuries, the benchmarks for the $34 trillion U.S. debt market that is more than twice the value of American equities, fell. The 10-year note yield was up seven basis points at 2.39 percent.

Asked which step the Fed would most likely take first, 59 percent of 51 respondents said the central bank would alter language in the FOMC statement.

Deposits On Reserves

Another 22 percent said the Fed would increase the average maturity of its securities holdings, 18 percent said it would buy more assets and 12 percent see the Fed lowering the 0.25 percent interest rate paid on banks' excess reserve deposits. The total exceeds 100 percent because some economists said the first step would involve two actions.