Interest rates will remain at about zero, as Federal Reserve Chairman Janet Yellen on Thursday announced no hike for September.
Global economic uncertainty outweighed modest increases in housing and jobs in a decision analysts believed could have gone either way.
The Committee continues to see risks in the economic outlook, particularly abroad.
To support continued progress toward maximum employment and price stability, it reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate.
Economic activity is expanding at a moderate pace; household spending and business fixed investment have been increasing moderately; the labor market has continued to improve with solid job gains and declining unemployment; and the housing sector has improved further. However, net exports have been soft the Committee stated.
Recent global economic and financial developments may restrain economic activity and put further downward pressure on inflation in the near term, the Committee said. Inflation has continued to run below long-term objectives.
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However, the transitory effect of a decline in energy prices and prices of non-energy imports, along with further gains in the labor market, are expected to boost inflation gradually toward 2 percent, according to the Committee.
When this happens, an increase in the federal funds rate is expected, perhaps before the end of 2015.
Interest rates have remained near zero since the financial crisis of 2008.
Twitter: @SusanMorseHFN