The Fed had finally decided to reduce purchases (from 85 billion a month to 75 billion.) I will simply note that 10 billion from the Fed doesn’t matter all that much when other Central Banks (like the the Bank of Japan) are also doing the same thing (and Japan is talking about increasing such purchases) and when China is creating far more new money than the US.
China does have currency controls, but they are less and less effective, but most other countries do not. It matters little if it is Japan or the US engaging in these policies, the money goes transnational.
I do not, thus, expect this to have much effect. So long as developed nations banks are as a group flushing the markets with money, and so long as China does have a financial crisis, this economy can go on for many more years like this, especially as the various bubbles are being reinflated, in large part with leaking Chinese money. Expect the stock market to continue to rise, with occasional selloffs, but generally in an upwards trend. Expect housing prices in most markets to continue to rise as well. Expect large corporations, especially financial corporations, to continue to make money. Expect the rich to continue to get richer.
Don’t expect that to mean your personal economy will get any better, mind you. Any improvements will be marginal.