How the Federal Reserve Is Parsing the European Central Bank's Policy Changes

The European Central Bank's careful policy changes this week aren't expected to derail the Federal Reserve's rate hike plans next week, according to one expert. "I think that the Fed is probably more focused on domestic issues because there's a lot of volatility," says Carol Schleif, deputy chief investment officer at Abbot Downing, adding that she expects the record highs in the stock market to hold amid hopes of tax and regulation cuts with the incoming presidential administration. TheStreet's Scott Gamm reports from Wall Street.