Was this the correct move? It's debatable (I would have voted to taper a little). Hopefully it'll provide further stimulus to the housing market and the rest of the economy without reigniting excessive speculation; only time will tell. Financial markets have responded by increasing stock prices and oil prices by more than 1% (compared to before the announcement) while driving down the yield on the 10-year bond by about 0.2% (as of 3pm on September 18).
What's the Fed's outlook for the economy in the coming years? Here's a link to its latest forecast.