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The FOMC came out with their accouncement, and for the most part, their accompanying statement looked like it did the last time. But there may have been one phrase that was left out, and that was the phrase that hinted at the need for 'additional firming' (read: higher rates).

The market keyed in on this as soon as the headline was posted on Bloomberg, and the market took off. Stocks raced higher, while bond yields quickly plummeted.

Here are some of the highlights from the announcement:

• FOMC keeps Fed Funds at 5.25% as expected
• Fed says future 'policy adjustments' depend on evolution of outlook for inflation, growth
• Fed says recent core inflation readings 'somewhat elevated'
• Fed says inflation pressures likely to moderate but high resource use levels could sustain pressures
• Fed says recent indicators have been 'mixed', adjustment in housing sector 'ongoing'
• Fed says economy seems nevertheless likely to continue to expand at moderate pace in coming qtrs
• Odds of June Fed easing hits 48% against 24%

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