Fed sees better economy with no change in rates through 2023

The Federal Reserve keeps rates unchanged, but adjusted its statement in keeping with its new policy.

"The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run," the Fed says. "With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent."

"The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved."

The dot plot of interest rate projections on average sees rates staying near zero through the end of 2023, but four members see rates higher.

GDP is seen contracting -3.7% for 2020, down from its previous estimate of -6.5%. The jobless rate is estimated to by 7.6%, down from the June projection of 9.3%.