Index: src/wp-includes/js/tinymce/skins/wordpress/wp-content.css
===================================================================
--- src/wp-includes/js/tinymce/skins/wordpress/wp-content.css	(revision 41118)
+++ src/wp-includes/js/tinymce/skins/wordpress/wp-content.css	(working copy)
@@ -101,8 +101,9 @@
 	width: auto !important;
 }
 
-.wp-caption img {
-	display: block;
+dl.wp-caption dt.wp-caption-dt img {
+	display: inline-block;
+	margin-bottom: -1ex;
 }
 
 div.mceTemp {
@@ -180,6 +181,14 @@
 	background: #bfe6ff;
 }
 
+.mce-content-body .wp-caption-dt a[data-mce-selected] {
+	outline: none;
+	padding: 0;
+	margin: 0;
+	box-shadow: none;
+	background: transparent;
+}
+
 .mce-content-body code {
 	padding: 2px 4px;
 	margin: 0;