tldr fiat doing fiat things ... But

it started at the end of last week with the FED not dropping rates, jobs, unempr, and earnings doing poorly

then Japan tried to raise their rates by .25% for the first time and everyone has been using the yen for tomfoolery... those trades began to unwind which caused mayhem all over that we are now feeling 

General sentiment is fed should have dropped rates by a lot and that they're late again