Kansas City Federal Reserve Bank President Thomas Hoenig voted against the policy for the sixth straight time say he "believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted and will lead to future imbalances that undermine stable long-run growth."
Hoenig also said "given economic and financial conditions" he didn't "believe that continuing to reinvest principal payments from its securities holdings was required to support the committee’s policy objectives."
Although the economic outlook was similar to the August statement, the Fed did move closer to action, saying that it would "employ its policy tools as necessary" to "providing additional accommodation."
The Fed is closely monitoring price levels, expressing concern about falling prices and subdued inflation and it is "currently at levels somewhat below" those it expects in the long run "to promote maximum employment and price stability."
Deflation has been a concern of some economists as prices have remained lower than expected.
After its August meeting, the Fed started buying up government debt with proceeds from its mortgage-backed securities, leading to lower mortgage rates.
Called "quantitative easing" the idea is to lower rates so businesses will spend more, hire more workers and boost the economic recovery.
Officials will next meet again on Nov. 2-3 and then on Dec. 17 for their final meeting of the year.