You might have a situation where the Fed raises rates, modifies the language a little bit but intends to keep on going. If the market assumes that it's one more and done that might be a misread.
Stocks in the financial and consumer discretionary sectors look particularly vulnerable as the perception is that inflationary pressures will keep mounting and the Fed is not done with raising rates.
The labor market is important to the Fed under any circumstances. Once you get rising wage pressure that's when inflation gets intractable.
The Fed has been the big question mark for the market. I'm afraid the Fed is not going to get out of the way any time soon.
The market is going to sort of tread water until we hear the results of the (Fed) meeting and what the Fed has to say about their decision. That's the 500-pound gorilla of events next week.