Interesting to see that wages increased .7% per the latest Labor cost report, the highest in 5 years. This continues to be a key focus area for the fed. Anyone interested in parsing Fed statements might find this link useful as it compares the latest Fed statement to the last one.
Bottom line: The Fed states that we are now approaching their inflation target. The game is starting to change which helps explain the premarket selloff. We will likely now start hearing pundits claim that this will inevitably lead to the correction/selloff. Definitely possible but it's worth noting that markets historically do pretty well in a modestly increasing interest rate environment.