German court decision injects hope into Europe
The Judges of Germany's Constitutional Court arrive to give their verdict on Germany's ratification of the European Stability Mechanism (ESM) and fiscal compact on September 12, 2012 in Karlsruhe, Germany.
Europe's rescue fund got an important boost today. Germany's top court ruled the bailout fund is legal under German law. But what exactly does that mean for the troubled continent? Josh Brown, vice president of Fusion Analytics, says "this was one of the big headwinds that market commentators and strategists had been fretting about, really, for the last few months." The decision paves the way, he says, for Mario Draghi and the ECB to take the rescue into overdrive, and now his "bazooka" has some ammunition. Meanwhile, here at home, the Federal Reserve kicks off a two day meeting today, and later this week we should know whether the Fed plans to pump more money into the U.S. economy.