A stronger than expected jobs report and ISM report for August have markets now positioning for the likelihood of another 0.75% interest rate increase at the central bank's next meeting at the end of September.
Inflation appears to be more broadly entrenched than previously thought and rising interest rates, domestic inflation fears, an aggressively tightening Fed.
The most recent attempt at a bear market rally of major indexes leading up to the release of the August CPI resulted in the S&P 500 clawing back almost 4% of losses over the course of four days before crashing on September 13.