The U.S. Federal Reserve Wednesday lowered its view of the U.S. economy, but kept interest rate policy and its non-traditional quantitative easing policy the same.

The Fed said "economic activity decelerated somewhat over the first half of the year," compared to a previous view of the "economy has been expanding moderately."

The world's most powerful central bank also maintained its its low-rate pledge, saying rates would remain low through "late 2014." The Fed also kept its federal funds rate target between 0 percent and 0.25 percent, adding that it "will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability."

The Fed's vote was 11-1, with Richmond Fed President Jeffrey Lacker the lone dissent.