The Federal Reserve this week looks set to launch a third round of bond purchases to try to drive borrowing costs lower and breathe life into the economy, Reuters reported.

Economists said a weak report on jobs growth for August likely will convince the U.S. central bank to adopt a looser monetary policy.

In remarks last month, Fed Chairman Ben Bernanke laid the groundwork for a third round of bond purchases, calling the lack of growth in the labor market a “grave concern.”

As part of any new bond buying, many economists think the Fed will return to housing-related debt purchases, perhaps buying a mix of mortgage-backed securities and U.S. Treasuries.

In response to the recession of 2007-2009, the Fed cut interest rates to effectively zero and bought about $2.3 trillion in mortgage and government debt to push borrowing costs down and support growth.

The Fed’s policy panel will consider such a move at its meeting on Wednesday and Thursday. The Fed will announce its decision around 11:30 a.m. on Thursday. Economists polled by Reuters gave a 60 percent chance to the Fed announcing a third round of bond purchases this week.