Fed sticks with existing policy

But beyond that relatively modest change, the Fed largely reiterated its June message. It will continue buying $85 billion of bonds a month to stimulate the economy, and will keep interest rates near zero.

The Fed again reiterated that it will be closely watching incoming information about the economy and financial markets as it fine tunes its policy. And while it expects it will begin to trim, and ultimately halt, its bond purchases in the coming months so long as the economy continues to improve, it added that the central bank is prepared to actually purchase even more if the recovery lags.

The Federal Open Market Committee (FOMC) largely backed the newest statement, with just one statement. Esther George, who has previously opposed other Fed statements, objected over concerns that the Fed's extremely accommodative policies increases the risk of inflation down the road.