Fed Maintains Vow To Keep Rates Low For 'Considerable Time'

(RTTNews) - The Federal Reserve on Wednesday maintained its pledge to keep near-zero rates in place for a "considerable time" after its bond-buying stimulus program ends.

Policy makers shied away from offering a more specific time-line raising interest rates as recent economic data hinted the U.S. recovery may have stalled in August.

Job growth slowed and wage gains remained sluggish last month even as unemployment rate dipped back down to 6.1 percent.

Meanwhile, the Labor Department also reported an unexpected drop in consumer prices that kept annual inflation below the Fed's 2 percent target.

Still, the central bank reduced its monthly asset purchases to $15 billion, and said the program will likely end in October.

The vote in favor of today's policy decision was 8-2, with dissent from Dallas Fed President Richard Fisher and Philadelphia Fed President Charles Plosser.

Plosser was against the Fed keeping its "considerable time" language, while Fisher said rates will likely have to rise sooner than the Fed currently projects.