BusinessWeek has a great article entitled A Layman’s Guide to Fedspeak that takes all the possible statements from the Fed and gives them an interpreted meaning.
Possible Statement: “Now that the labor markets appear fully recovered, if not accelerating, the Committee has decided that a potentially more aggressive pace is required to remove past policy accommodation.”
Real Meaning: Wow, we did not see those 300,000 job gains in March and April coming. You could have knocked us over with a feather. Half-point hikes are the way to go from now on. Trust us.