From Michael Darda, chief economist at MKM Partners:
It would appear the [Federal Open Market Committee] has decided to throw inflation caution to the wind and countenance aggressive further easing action, which may include a 50 [basis point] rate cut on or before January 30. We think this will be bullish for sectors and countries that benefit from reflation, a weak dollar, and a steepening Treasury yield curve. These would include, but are not limited to 1) emerging markets, 2) Treasury Inflation Protected Securities (TIPS), 3) junk bonds, 4) equities vs. Treasuries. Within the equity market, we favor energy, materials, industrials, technology and financials.