Most Federal Reserve leaders said they expected to keep interest rates near zero for at least the next three years.
Fed Chair Jerome Powell said officials did not expect to change course until the recovery was "very far" along.
He also warned the rebound could be at risk without more government spending.
Following the bank's September meeting, Mr Powell said government aid for businesses and workers hurt by coronavirus had been "critical" to a better-than-expected recovery so far.
Projections released on Wednesday showed bank leaders expect the US economy to shrink by 3.5% this year - less than the 6.5% decline feared in June.
They also said they expected the unemployment rate to fall to about 7.6% by the end of the year, lower than previously anticipated.
But Mr Powell warned the recovery could falter, unless politicians approve additional aid.