"...some further policy firming may be needed..."

This little phrase from the latest FOMC statement has thus far not gone over very well with the stock or bond markets, even though Fed fund futures have priced in another 1/4 point hike in May. I guess "some" could imply more than 1 more rate hike could be in the cards and this the markets are not ready for. So much for all the wise-asses with their "helicopter Ben" remarks. Who knew? Well, the Fed usually hikes until the rates start to bite, and to think that they will act differently this time might be a costly mistake.