The market reacted terribly to the January 29-30 FOMC minutes release today.
In the economic section they basically said the economy is better than before, inflation lower, and gov't spending down - mostly in defense.
So maybe a tiny hint of "less action required."
The financial section included this:
Option-implied volatility for the S&P 500 index over the near term dipped to its lowest level since early 2007. The option-implied price of insurance against downside risk on the index at longer horizons remained elevated.
That sounds like "markets are re-assured as long as we keep printing, and we are aware of this."
So it seems like the markets over-reacted if the reaction was due to a fear of ending open market operations.
The financial section also included this gem:
U.S. financial market conditions improved on net between the December and January FOMC meetings, largely in response to the partial resolution of the issues associated with the so-called fiscal cliff, a positive start to the corporate earnings reporting season, and some favorable policy developments in Europe.
Ha! It was the fiscal cliff, corporate earnings, and European policy that bolstered markets and NOT us!