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The Fed will releases its latest economic forecasts at 2 pm. Fed Chairman Ben Bernanke will discuss the central bank's latest decision at a news conference at 2:15 pm.

As expected, the Fed replaced the existing Operation Twist program due to expire at the end of the year with a fresh round of Treasury purchases that will increase its balance sheet. It committed to monthly purchases of $45 billion in Treasurys on top of the $40 billion per month in mortgage-backed bonds it started buying in September.

In addition, the central bank also implemented numerical thresholds for policy, a move that had not been expected until early next year. The Fed said it will likely keep official rates near zero for as long as unemployment remains above 6.5 percent, inflation between one and two years ahead is projected to be no more than 2.5 percent, and long-term inflation expectations remain contained.

http://www.cnbc.com/id/100305305