All depends on how well the market has priced this in - looks like it has for now. I sold 48 Sept 2 calls on the VXX for 1.73 just before the announcement. Great premium for out of the money calls - I figure the volatility just can't get too much higher, at least for a while.

As AL2 said, 2.5 is underway (guaranteed 0 interest rates). That is still a lot of stimulation.

I do think there will be another leg down, but I suspect it will come in the Sept/Oct timeframe. If that happens, I will back up the truck for a year end rally.