CNBC's Hampton Pearson reports the Fed pledges to keep rates exceptionally low through at least mid-2013. Discussing the Fed's decision and its impact on the economy, with Gina Sanchez, Roubini Global Economics; Bill Gross, Pimco; Josh Brown, Fusion Analytics; and Stephen Gallo, Schneider Foreign Exchange.
After yesterday's drop, the U.S. markets are positive, although German Chancellor Merkel's comments about not increasing the size of the bailout fund have taken out some of the steam. Energy shares are among the leaders, while Best Buy is down as it slashes prices to drive sales in a very competitive market, with CNBC's Mandy Drury.
The European rally fades as German Chancellor Angela Merkel reportedly rejects a bailout fund increase. Oil and gas stocks are among best performers in Europe. U.K. inflation hits an annual rate of 4.8 percent. The euro falls below a key level. And Moody's puts 8 Spanish banks on review for a possible downgrade, with CNBC's Simon Hobbs, Bertha Coombs, Rick Santelli, Gary Kaminsky, Melissa Lee and Stephen Weiss, Short Hills Capital.