Marc Faber discusses the FED decision, Treasury Market and Gold on Bloomberg (9 August 2001).
He explains that he's glad that they (The Federal Reserve) did not offer further stimulus, but only specified low rates until 2013.
He would still short treasuries and he's amazed people are still piling onto them comparing it to the bubbles of the Nikkei,the Nasdaq and the recent Housing bubble.
He does not think Gold is a bubble, but it has gone up high to fast and a correction should be expected. He also stresses that every responsible adult should accumulate Gold every month and complain about Bloomberg employees who do not buy Gold even though they are intelligent persons :).
On the stock market, he would use any rebound as a selling opportunity and after further correction move money back into emerging economies.