The FED signalling a more dovish shift

Who is surprised? https://www.bloomberg.com/news/articles/2020-01-29/powell-paves-way-for-possible-dovish-shift-in-inflation-strategy

"Federal Reserve Chairman Jerome Powell signaled that the central bank would pull out the stops to combat a global disinflationary downdraft, foreshadowing a potential shift toward an easier monetary policy over time. [...] The Fed is currently expanding its balance sheet to ensure ample liquidity in the money markets and avoid the sort of turmoil that briefly occurred last September. [...] “Valuations are high, but not at extremes,” he said, adding though that the overall risks to financial stability are moderate."

As the FED balance sheet is already expanding and the stock market rallying from All Time High to All Time High what will be the consequences of an even more dovish policy?