Markets went wild on Wednesday after the Fed decided to hold pat on the pace of its bond purchases, opting not to "taper" the pace of Quantitative Easing.

But that's calmed down.

So what's next?

SocGen currency strategist Kit Juckes writes:

 Treasuries and equities stalled yesterday and the dollar found its feet. The first phase of the no-taper rally has passed. The next phase is that we will see huge inflows into EM assets as investors take advantage of better yields and less expensive currencies. With global growth slowing, and with capital flows likely to be more volatile in a less certain policy environment, I don't know how far an EM bounce can go, but Benoit Anne has conceded that the bear market is over and the risk is that EM is where the sugar rush rally is most keenly felt. I like MXN (along with CAD) vs. the US dollar. As for those Mongolian 10yr dollar bonds - well the spread to Treasuries is still almost 1% wider than when they were launched.