averages ahead of the news. the dow is up 33 points. we have got you covered. standing by to react, all-star panel, charlie gasparino, james freeman, "wall street journal." john lonski, chief economist for moody's. for now let's go to peter barnes. >> the fed maintains its interest rate guidance. the fed maintains its interest rate guidance. repeating it will be patient in rating rates but upgrades its assessment of economic activity from moderate to solid for the first time in recent years. let's go right to the economic analysis. quote, information received since the federal open market committee met in december suggests that economic activity has been expanding at a solid pace. labor market conditions have improved further with strong job gains and lower unemployment rate. on balance a range of labor market indicators suggest underutilization of labor resources continues to diminish. household spending is rising moderately. recent declines in energy prices

have boosted household purchasing lower. business fixed investment is advancing while the recovery in the housing sector remains slow. inflation declined further than committees's longer run objective largely reflecting declines in, compensation and measures of inflation compensation declined. inflation long term expectations have remained stable. skipping redundant language and continuing on inflation. inflation is anticipated to decline further in the near term but the committee expects inflation to rise gradually towards 2% over medium term as labor market improves further and transitory effects of labor energy prices and other factors dissipate. the fed voted to maintain the federal funds rate zero to a quarter%. skipping more redundant language. here is the key phrase, based on its current assessment the committee judges it can be patient in beginning to normalize the stance of monetary policy but reminds everyone this

again is data dependent. the vote for this statement, this policy was 10-0 unanimous. melissa, back to you. dierdre: peter -- melissa: peter barnes, thanks so much. let's go back to our panel for reaction. a lot of talk about declining inflation. they repeated that three or four times. >> market is kind of like blowing this off a little bit. melissa: a little bit. popped up 38. now we're up 90. >> i will say this, it is hard for me to translate for the viewer what they should do when we're in an environment that is so dependent on qe and low interest rates. i mean normally if would come out 10 years ago, this report you heard low inflation and solid growth you would be buying stocks like crazy and i just don't know. i don't know what the fed is going to do. melissa: go ahead. >> you have a stronger dollar. you have problems in the rest of the world. other economies look very weak. europe is growing by just over 1%. hard to believe, latin america expected to grow just over 1% also. russia shrinking.

downward pressure on industrial commodity prices of the fed is not about to hike rates anytime soon. melissa: no, no, for surety not. >> if you look at history you get concerned when central bankers only worry about inflation, that there isn't enough of it. melissa: yes. >> interesting 10-zip vote. everyone was on board. often time it sneaks up on them. by the time they react it has gone too high. >> on inflation, the most important long-term inflation indicator, average hourly wage. the biggest surprise of all, has to be despite big improvements on labor front, wage growth slowed over the course of 2014. we ended the year average wages up -- >> gets into a lot of issues beyond monetary policy. i think if they stick to what their job is, they would say there is enough money in the system. we don't need to be that patient getting out of emergency interest rate. we should start going back to normal especially when they had such good economic news. >> john, why do you think it is

10-0? that to me, down that blow you away a little bit? the vote was 10-0. >> those voted against were worried about -- melissa: economy is slowing. economy is slowing. i think that is worrisome. >> hawks are seeing bad things out there right now. melissa: no, agree with charlie. i agree with charlie. >> negotiated deal relieved that weren't saying -- melissa: yeah. i think oil is the canary in the coal mine. we're seeing things slow out there. they're getting hip to it. they're seeing it as well. i think we got some problems. >> strong dollar imply as loss of pricing power. melissa: yeah. they said consumers look confident because they have more gas money in their pockets. ps, they're not spending it. did you see durable good for december? we're not seeing people going out to spend the money. it is not translating. >> we're seeing bad news from lower gas price. there is a lot of good news. there is a lot of good news for

a strong dollar. makes some of these companies have tougher time selling overseas but they're all consumers. >> i think it is a real problem keeping interest rates this low this long. savers forcing people to take risk. i understand that argument but the fed is telling us watch out something could be bad just for that 2016 election. >> speaking of something bad just two days into its reign greece's new government is already rocking the boat. in europe greek stocks plummeted 10% after the new prime minister says he wants europe to write off a third of its debt. signs that greece is cozying up to russia, sparking fears it might leave the european union. john lonski, give me your take on this? >> i think we handled greece more easily this time around. we're prepared for this particular shock to european banks have adjusted their balance sheets. in view of this possibility. and plus let's not forget that the ecb is beginning to enter into its own bond buying program

that could help limit -- melissa: thank goodness. >> the negative repercussions and problems in greece. >> greece has smaller economy than minnesota. i like it but i think there is greater appreciation that the world doesn't come to an end if greece ultimately leaves the eurozone. eurozone, that would be bad for them. i think opportunity here is for reform. if they want renegotiation on debt let's talk about things to make the economy grow more quickly, to allow easier business creation there. if i am a creditor i would say, take that 26% corporate income tax rate, get down there near ireland at 12 1/2. >> earned they under the thumb of the international monetary czars? >> yes. they make a lot of bad decisions but this is reset. if they're demanding renegotiation you should get some reform. melissa: blockbuster earnings report from apple that sees newest iphone take center stage. stock in the world's largest company surging nearly 8% on its news it sold 75 million

iphones. and brought in $18 billion in profit. that's up 38% from year ago. >> here is question. you would think they would be hit with the strong dollar, right? aren't they a multinational company? >> it will take time before they feel effects of that. >> really? >> let's not forget this highlights importance of product development. this drives growth not only for company but economy. >> no one was smart enough to hedge? it had to have some impact? melissa: when you make things people around the world are desperate to have -- >> no matter what? melissa: no matter what. >> you have pricing power. >> that seems to be the case here. melissa: insane. >> consumers in china wanted bigger phones, not cheaper ones. melissa: revenue in china up 70% versus year ago. they are the number one smartphone maker in china right now. the numbers were just amazing on apple. >> if we didn't have a strong dollar can you imagine? >> in case of china the dollar hasn't moved sharply higher against chinese currency. >> you're right. that is their sweet spot.

>> this is greatest quarter any company ever had. >> i know. melissa: no, it is amazing. all right. new findings out on who has biggest ego on wall street. it guess it is not charlie gasparino. charlie, you were all over this. >> my crack producer who is not on crack. melissa: that didn't sound right. >> she found this great survey and found surprise surprise that goldman sachs employees, along with blackstone by the way, have the biggest egos on wall street. melissa: the biggest egos. >> jpmorgan and morgan stanley also rank among the top 10 egotistical employees. melissa: how did they measure is by the way? >> they did a survey. melissa: they just said are you full of yourself and these people said, yes? is that it? >> i think you're right. despite, despite the pride goeth before the faw you know that? melissa: right. >> goldman ranks sixth on pay

behind jpmorgan. melissa: okay. >> so they may be very pride youful but they're not the -- prideful but not the biggest wall street firm. this outfit wall street oasis. melissa: investment bank and online community. something like that. >> they did the thing. now on 3:00, just so you know, might want to promo this, we're going to find out, we'll tell the viewers where is the worst place to work. melissa: okay. all right. >> that treats their employees horribly according to wall street. melissa: not that this isn't riveting i want to show our viewers markets after the fed came in. we're trading up 48 points. >> so we're down. melissa: we're down from, well, we were at 38.40 before the announcement. we popped. now we're back down again. interesting. not a huge movement. what do you make of that? >> i like it. i like to get back to era where the entire market whole economy live on every word from the fed. where the fed is less important. melissa: dream a dream over

there, my friend. >> this is start of that that is great news. melissa: i don't know that is the dream. >> i hate to say it, the cat is out of that bag right? we're done. of the fed controls everything. it is sick. melissa: 30-year treasury. matching record low, is that right? >> wow. >> that is incredible. >> that is incredible. i have a news for you, a year ago a lot of these banks were predict 10-year treasury yield right now would be at 4%. >> would i buy it? >> would i buy it right now? i wouldn't want to buy it. >> i bet in 10 years go higher yield goes lower. >> that could happen. in next recession, 10-year buying yield goes un1%. >> oh, god. melissa: it isn't just fed day today, important as it is. our own charlie gasparino's 29th birthday. finally, 29th birthday. patch, come on. bought you a little gift. this is what you drink every day for lunch. >> i haven't drink --

melissa: >> caller: juice. -- cale juice much. did you reject my present. you're normal place wasn't out there. delicious, right. >> actually good. melissa: see. has a nice little bow on it for you. >> the about you guys didn't know how don't tilly charlie eats. no alcohol either. melissa: john boehner and nancy pelosi together. how president obama's plan to tax college savings went down in flames. plus the super bowl facing resistance from the host city. the mayor of glendale is here to defend his stance. good for you. on how much of the cost, how much the big game is going to cost him. they didn't give this guy a ticket. that is why he is mad. we'll be right back. ♪

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at the top of the hour. nicole petallides on the floor of the new york stock exchange. we're bouncing around a little bit here on the dow nicole. >> prior to the announcement we were up near 100 points near the highs of the day only to see us pull back a little bit here. now the dow is up 30. i mentioned we were near the 100 point mark. we have plenty of winners on wall street but pulls off at highs of the day of the federal open market committee continues to talk about growth and expansion. also worth noting, right now the s&p is to the downside, down two points. the tech-heavy nasdaq has been best of the bunch all day because of apple. that is up 1/3 of 1%. oil moments ago trading at 44.0. so that is the lowest melissa in almost six years, going back to april of 2009. you well know that energy has been a big laggard today 2014, 2015. back to you. melissa: that is an amazing trade there. oil totally broken down.

really interesting. nicole thanks so much. surrender on 529s, the white house dropping proposal to raise taxes on college savings accounts. the plan was under criticism about its impact on middle class. here steve moore from the heritage foundation and also fox news contributor. charlie gasparino is with us and geraldo rivera from fox news. steve moore, let me talk with you. was this the single dumbest idea of all time? >> this was close. this is washington floating a trial balloon and that trial balloon crashed and burned. my democratic sources on capitol hill probably the dumbest idea. they were flooded with phone calls on capitol hill with constituents said hated this idea. they thought it was bait and switch. people got lured into putting money into savings accounts using for college tax-free. allall of sudden they would yank benefits away. other thing hated about it president's pledge only to raise taxes on millionaires and billionaires.

these are middle class folks that put billions of dollars. melissa: it is true, geraldo. 40% make under $100,000 a year. just trying to save people to tax this. >> this is tax dodge for the rich. face it. with awe due respect. melissa: $100,000 are rich? >> i'm all for it. president obama as a parent. sasha and malia both have 529 accounts. i saw with my five children, great way to shelter income and take it out tax-free. half of all people participate in the 529s make 200,000. melissa: 40% make less than $100,000 a year. >> no moral objection bit. i think it is fabulous. and anytime you have you know a tax shelter facility take advantage of it is legal. face facts -- melissa: this is why you're winning on "the apprentice." swing with anyone. i love it.

>> i love geraldo. here is what i will tell you. this underscored the hypocrisy of president obama's class warfare rhetoric. we should point out if you make $200,000 a year, i know geraldo knows this but makes much more than 200,000 -- melissa: he is richer than all of this. >> my secretary makings more. >> if you president obama raised tax on millionaires and billionaires class. if you make that in new york california, many places on east and west coast, you are not a millionaire and billionaire. you are middle class. you have three kid. you so that is -- melissa: go, steve moore. >> all right. let me make a point to my good friend geraldo. i do make, a little bit more than $250,000 a year but i have two kid in college geraldo. almost half of my income. >> all i'm telling you facts. the facts are if you're talking about the middle class, define middle class. talking about someone makes

50,000 a year or someone makes 200? 300? 400. at what point do you define. i'm all for saving money for college, taking money out of tax-free. you have to pay for these programs. if you cut any fed ran beney people squawk about it. melissa: this is why he is winning "the apprentice." >> why have this thing first place? at some point the gravy train has to end. instead of piecemeal -- >> for universities. melissa: stop spending instead of talking about taxing everyone more. have a conversation about the government stopping wasting my money? >> get rid of loopholes. bring down the rates. melissa: spending reform. stop spending my money. that was fun. >> charlie bring those solutions down. melissa: a few stories on our radar. yahoo! plans to spin off its 15% stake in alibaba as an investment valued around

$40 billion. shareholders have long felt the stake would be worth more separately. uber wants you to use its car service to order an adorable puppy today. a simple concept. for $30 they will bring awe cute little dog to play with for 15 minutes. promotion for today only. i think they're donating money to aspca. rapper two chains, i hope i said that right, wants to serve people. he is thinking of running for mayor in hometown of georgia but first wants to check he has all the right qualifications. i hope so. no silver lining here. how money is for favors is still alive and well in politics. an amazing story. plus the snow is finally clearing off your driveway. you know what that means? there is more snow on the way? do you ever have too much snow? edward snowden.

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xfinity my account. available on any device. melissa: so long silver. long time new york state assembly speaker sheldon silver finally resigning after mounting pressure from both sides of the aisle. the politician facing multiple counts of corruption, using his position to pocket millions in kickbacks and payoffs. how does this still happen? james freeman back with me. people say this is new york story, this is local. first of all it is about money and this show is about money. also like the oldest story in politics. somebody going out there trading access influence and favors for cash. amazing this still goes on this scale. >> it goes on, albany is really a zest pool, and new york is a good example -- cesspool. when you have very big government government involved in lots of things, that means there are lots of people who will play to influence it.

it gets into the campaign finance issue. people want less money spent on politics should wan small are government so there is less at stake. melissa: yeah. >> we have here for several decades, one of the, maybe the preeminent architect of bigger government in the state in this country. melissa: no. >> you look at new york, big spending big stacks taxes along with that, there are allegations he should get his day in court. he didn't sound confident he said i hope i will be vindicated. now he is, we don't know i'm going to be vindicated but started out saying i hope i will be vindicated. melissa: this is the conversation i heard around the story, if the allegations are true basically he traded influence for cash. whether it was favors or steering clients to this law firm or whatever, but placeally like here is someone in power, we give him money and get what we want. not that different but so much less elegant than things we see on national level. what is difference between this and allegations always circled

for example the clinton foundation? where they say you're giving money to this giant foundation. you're buying access to the clintons. you know what, does that get you? do they use it as their own slush fund. >> we're not accusing clintons of anything. melissa: no. but what they're doing is legal. what is the difference. >> with silver charges he got legal fees and didn't do any legal work. melissa: right. >> i think on clinton side there is going to be a question as she starts to gear up here i'm kind of amazed she is still doing paid speeches or at least she has lately what are, what do people think they're getting when they write checks to the clinton foundation and pay her more than $200,000 an hour. people who see her speak generally wouldn't consider her -- melissa: $200,000 an hour type speech maker. what is it exactly that they're buying? >> there will be a lot of associations. there will be a lot of check writers because the clinton foundation, it is really phenomenal money-making machine.

melissa: yeah. >> what do these peel think they're buying. melissa: your bottom line that makes a lot of sense in case of both of these stories is the idea as government gets bigger access to it gets more valuable. >> right. there is more at stake. melissa: that is where corruption whether it be legal and elegant or really base like we're seeing in new york. that's where it comes in. james, thank you so much. >> thanks. melissa: the mayor of glendale making huge waves before the super bowl claiming that the hosting the game will be a money loser. he is is here to explain why that is the case. plus four times the charm? this little guy accurately predicted the winners in the last three super bowls. i'm not kidding you. his name is teddy bear. looks cuddly, right? who did he pick as champion for sunday night's big game. "piles of money" coming up. ♪ know that proper allocation could help increase returns so you can enjoy that second home sooner.

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melissa: the dow back now and

negative territory. of as much as 97 points as the hype. oil hitting a new reset low. 44.08. super bowl addition. anyone want tickets to the big game, ticket rices are going through the roof. over $3000. that is according to stub hub. the most expensive super bowl based on retail prices. marchal lynch, the seahawks running back only showed up to media day to save himself a $5000 fine beard he made that very clear. >> i am here so i do not get a

fine. i am here so i do not get a fine. i am here so i do not get a fine. melissa: the big game is attacked in billions of dollars. folks will wagered nearly $4 billion a legally. thirty-eight times more than the legal wages that go through the data on 10 nevada casinos. the nfl projects huge economic impact for the host city. they are estimating money to be in the area. the super bowl will be a money loser for him. new york gary wyers joins me now. why do you think that this will be a loser? >> i am actually here so i will

not be fined. [laughter] >> the super bowl is something that will be a benefit for a city. a benefit for a region. the money of fraud for public safety cost, that has been my complaint. this whole thing started when i asked the state to help our city out. melissa: what did they say to you? >> actually, it was educational for legislators. the house passed it through. it got bogged down to the senate. melissa: you have a basis for saying you will lose money. you hosted back in 2008.

arizona cardinals president is challenging you. he calls it a bunch of malarkey. how do you respond to that? >> i think what he is looking at is the benefit in media coverage. if the event was not there, we would not be paying for media call on jan coverage. we will see whether we made money or lost money did my only concern is to make sure we put on the safest in that. melissa: my hat is off to you. people will come to your city and see how wonderful it is. you, our taxpayers. you are stuck with the bill for public a.

i understand that you have not been get. did you try to sort of send it off. you don't want it or you just want the state to help you pay for it? >> i would love to have the super bowl every year if we could get it. i am trying to have the state step up. any other data you that that wants to come to arizona or glendale. all the cities in arizona. my state should not run the burden when everyone benefits from the event. melissa: i understand that they have gone to all this work to bring it to your city and they did not even bring you a ticket.

>> what a neat opportunity. it is in my own city. i can get over it. it is not a huge deal. if it does not happen, it does not happen. being 12 start a little fund. >> i was listening earlier. we will do it right here. if i do not go, i do not go. it is not a huge deal. melissa: thank you for coming on. i appreciate your time. if you are worried about the outcome of super bowl, you can relax now. have you seen this? choosing the seattle seahawks to be at the new england patriot this sunday. do not take this lightly either

way. the party pine should be careful to those are needles there. this could be the lone wolf. the escape porcupine. james freeman is back with me. >> definitely against deflation when it comes to football's. i think this is great news for the nfl. melissa: you are trying to put a serious spin on this story. [laughter] >> i do not think it has gotten enough attention. everyone says we are moving on. this has to do with outcome. melissa: let me show you the outcome one more time. stock losses pick up steam now.

ending up near 4%. that was the final trade of the session. the lowest settle for a crude and almost six years. that is quite a story there. people disappointed in the lack of snow in new york. plus it has been 30 years since the debut of we are the world. the track is still holding the record for charity donations. at the end of the day, it is all about money. ♪

>> i am melissa francis with your fox business. period amazon prime members spending more. amazon customers spend around 600 customers. smart move for mitt romney. 4000 square-foot basement. outdoor showers. romney has a new focus on

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melissa: the cost of a shut down, new york city losing $200 million. mayor buildable audio poking some fun at his own reaction. staging a reading from the onion. >> reconciled your cells. all will perish. no mercy nor reason. all five boroughs will perish. melissa: funny enough, it sounds awfully similar to what the mayor actually said. >> prepare for something worse than we have seen before. prepare to be faced. do not underestimate this storm. prepare for the worse worst and

we will all be able to get through this together. melissa: this is the worst storm we will ever see. apocalyptic terms. he is insane. insanity. you say it could be that. we want everyone safe. this is going to be the apocalypse. >> the pros were saying this is going to be terrible. he was corresponding to that. >> specializing in hyperbole. what is interesting about this is the importance of information when it comes to making the right decision.

>> it is a money show. the cost can be $200 million. no one could go out. no one could go anywhere. i understand. in theory, it was a safety thing. it was expensive nonetheless. likely 1.25 billion across the entire northeast. that is a lot of money. >> we can attack this constant myth that people have. it is bad for everyone. >> absolutely right. thanks guys. approaching the last hour of trading. let's check in with liz claman. liz: wow.

the word solid was inserted there. perhaps that is why. coming up, we have two top fed watchers. working inside the fed alongside with, yes, the man chief economic correspondent. he was ready to hit send on the second the report came out. maybe there is a chance that we may see a fed hike tightening this year. i think that we are solid. like the song. then we have the top guy when it comes to apple. also to facebook. why does he think that there are new models to be had for him eventually an iphone that starts to slow down in sales? a first on fox business. juicy stuff.

we will see you at the top of the hour. melissa: with, thank you very much. a dangerous agreement with isis. a chilling new message sent to the president. more "money" coming up. >> i am john stossel. step right in..t ♪ it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled... ...copd maintenance treatment... ...that helps open my airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens

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♪ >> president obama the latest threat from isis. they directly addressed the president. the captured pilot is alive and well as it prepares to release a convicted terrorist. we have the ceo of concerned veterans for america.

how seriously do we take this? is it an assault? >> from the very beginning they have been going gold and pick. it is creating this larger than life persona. they do not just try to establish an little area. it is working as a recruiting tactic for them. >> meanwhile, there is this disturbing new thread. >> it is a good chunk of the

money. >> every time another country tries to negotiate. more people, more dollars. you can see it from japan and jordan. they have conversations about what it may look like. melissa: a lot of people saying we are not in the position to stand there and do this. >> we have lost a lot of our moral high ground. it demonstrates -- melissa: that was coincidence.

so clearly was an exchange. it demonstrates more room to play that game. melissa: one man's trash is another man's treasure. i had one of these. i would just retire right now. at the end of the day it is all about money.. ♪ for some every dollar is earned with sweat, sacrifice, courage. which is why usaa is honored to help our members with everything from investing for retirement to saving for college. our commitment to current and former military members and their families is without equal. start investing with as little as fifty dollars. they challenge us. they take us to worlds full of heroes and titans. for respawn, building the best teractive entertainment

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♪ melissa: wow, 30 years ago today, the all-star recording session for we are the world lionel richie, more than 30 artists joined in. bruce springsteen, huey

louis, it filled the biggest charity single of all time raising $75 million. wow. the world's largest bug collection. an old museum park. a box full of century-old baseball cards. watch "strange inheritance." our very own jamie colby had fun poking around with folks who inherited over 3,000 cars. some so old that you had to crank them to start. jamie: step one. hand crank the car to start it. what do you think? >> i think you're up to it. let's see if you can do it. give it a good crank. not quite. hey! jamie: hey! melissa: jamie, this is an awesome show. first of all congratulations. so many people are viewing in to see this. it's just amazing. congratulations to you. >> thank you.

melissa: tonight's episode. i've already seen. it's fabulous. it's about a cello. tell us about it -- jamie: not just a cello. it's a 300-year-old cello. she is so fancy. melissa: she? jamie: she. i met a wonderful family in cape cod. elena's father was a famous cello player. that cello stayed with him in bed while he was dying. they wanted to make sure it wasn't stocked away somewhere in storage. they wanted it to be played. melissa: what i love about this show. if you're into these shows. there's the guessing game of what is this worth? but it's missing the emotional element normally. here you see the people and you travel with him on their journey as they first discover that they've inherited something that's worth a

fortune. all of a sudden, you have all this money. just the emotion and connection to someone who has passed away. in this case with the cello, she has a lot of hurt feelings with how much her father loved this cello. that was my impression. i saw a lot of pain there. i think at one point she could have smashed the cello. she was jealous of the cello. jamie: i think that -- melissa: you disagree with me? jamie: the family is a wonderful family like all the families i've met. losing a family member is painful. i lost my dog, my grandpa, and another person right before i took on this. i had a ton of compassion. elena loves her father enough to do what is right for the cello. considering giving something in the next checkpoint, that's the advice i would give to make sure they know what their family would like to happen with it.

you hit it on the head. i take a journey that's not to build. people have to see it to believe it. 9:00 p.m. tonight. melissa: it is a fantastic show. 9:00 p.m. fox business network. can't wait to see what she has left. liz claman. liz: the dow just turned negative again. thank you so much. or not. who or what are the investors watching. janet yellen or tim cook at apple. mark zuckerberg of facebook or boeing which came out with decent numbers this morning? the federal reserve just released its statement. the buzzword everyone was watching for was patience which just describes the fed's state of mind in determining when to raise interest rates. the word remained, however, the fed suggested economic activity was now solid, which seemed to cause a market sell-off after a big jump initial jump, after investors f