Dow Falls 520 Points on European Debt Worries

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"The Committee now expects a somewhat slower pace of recovery over coming quarters than it did at the time of the previous meeting and anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate," says the post-meeting statement. "Moreover, downside risks to the economic outlook have increased."

While they put a two-year time horizon on the 0-0.25 percent interest rates, they did not announce an expansion of their quantitative easing programs, which were meant to stimulate the economy even further. They suggested they'd keep the $2 trillion currently deployed in the programs "reinvested" instead of allowing them to slowly expire over time as the investments got paid back. The program might be expanded if the economy warrants it.

Three members -- regional Fed presidents serving as voting members for a limited term -- dissented, saying they'd like to have maintained the "extended period" language.

ABC News' Dan Arnall and The Associated Press and contributed to this report
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