The Fed managed to keep most of the same buzzwords but gave us the message that this is more hawkish. There is no need to change the pace now but they would raise by a half-point if they had to.
Inflation trends have been going up and are now getting to the upper end of what the Fed is comfortable with. But it definitely looks like the economy has at least temporarily slowed down.
The market has been dragged kicking and screaming to the conclusion that rates will be raised for the end of the year. Investors are locked in now on a 4.25 percent fed funds rate.