The global economic outlook has deteriorated because of the coronavirus pandemic amid rising supply and demand disruptions.
There will be some temporary disruption to economic activity in China and elsewhere from the coronavirus outbreak.
The Fed remains divided on the trajectory of interest rates; a pick up in U.S. housing activity may increase this division.
The Federal Reserve delivered on its widely expected quarter-percentage point interest-rate cut at the July meeting. It was the first reduction since 2008 and came in response to slowing global economic growth and muted inflation.