The Fed's announcement today tells me that they are about to get serious about restoring robust levels of economic growth. Yesterday's election results mean that they won't be getting much help from fiscal policy. So I think the market is going to start anticipating further rounds of "quantitative easing" (QE) on the part of the Fed.
This should send the dollar into the tank (I am guessing 65-68 on the dollar index), gold and silver upward, long term bond prices down and long term interest rates up, and the stock market WAY up.
Once it becomes obvious that economic growth has been restored and unemployment comes down below 7% I think QE will cease. At that point the markets will probably all suffer a big reversal and in particular a bear market in stocks will become likely.