Market players have been anticipating that the Fed would confirm, and maybe even expand, on its recent dovish turn and the Fed is doing exactly what the market wants.
As expected there is no rate hike but more importantly the policy statement has a number of dovish developments. Most surprisingly the Fed is confirming recent rumors that they would be willing to adjust its balance sheet contraction should the economy remain slow. There are no details about how this would work but it's a major shift in policy that cements any doubt about the Fed becoming more dovish.
The Fed also notes that inflation has softened and that the Committee will remain patient as it determines future interest rate adjustments. There is nothing in this statement to indicate that more rate hikes will occur soon.
This is about as dovish as it gets and so far the indices are straight up on the news with no whipsaw.
Chairman Powell holds a press conference at 2:30 and has not been very market friendly at previous post decision press conferences. Unless he softens the tone of this policy statement there isn't much for the dove-loving bulls to complain about.
The action has become a bit frothy but the market has what it wanted and it's going to keep running with it.