The Fed held interest rates steady as the majority of market players anticipated. However, it did drop the word "patient" from the policy statements, which strongly suggests that a cut will come at the next meeting in July. This was also anticipated and there is a mildly positive response initially.
The Fed made it clear that it is taking the action necessary to extend the current economic expansion and that is the most positive thing you could say. The market views that as confirmation that a series of cuts are on the way, especially if trade issues continue.
Fed Chair Jerome Powell will be holding a press conference shortly and the market will be looking for confirmation of the dovish bias.
The bears were hoping for a "sell the news" reaction as this has been well anticipated but the market is just too well conditioned to buy a dovish Fed. The bigger worry is being left out of upside rather than being caught in a reversal.