Such stimulus programs tend to push up stocks as a side effect, and talk of their dismantling can deflate equities prices.
At the close of U.S. trading, the Dow Jones Industrial Average finished down 1.35%, the S&P 500 index ended down 1.39%, while the Nasdaq Composite index fell 1.12%.
The Fed earlier left interest rates unchanged at near zero and said stimulus programs including the USD85 billion monthly bond-buying program stay in place for now though language suggested the economy may be improving to the point it can stand on its own soon.
"The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall," the Fed said in its statement.
"The Committee also anticipates that inflation over the medium term likely will run at or below its 2 percent objective."
After the Fed released its policy statement, Fed Chairman Ben Bernanke said if the economy improves, asset purchases could taper off later this year and possibly end next year, which sent stock plummeting.
Leading Dow Jones Industrial Average performers included Hewlett-Packard, which ended the day flat, Caterpillar, down 0.32%, and Merck, down 0.31%.
The Dow Jones Industrial Average's worst performers included Verizon Communications, down 2.89%, AT&T, down 2.49%, and Travelers Companies, down 2.13%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 0.63%, France's CAC 40 fell 0.55%, while Germany's DAX 30 finished down 0.39%. Meanwhile, in the U.K. the FTSE 100 finished down 0.40%.
On Thursday, the U.S. is to release the weekly government report on initial jobless claims, in addition to data on existing home sales and the Philly Fed manufacturing index.
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