Monday's 1.5% haircut for the S & P 500 was largely attributed to the unrest in China, but several traders brought up Fed Chair Jay Powell's Wednesday's speech at the Brookings Institution.
Those comments, along with other hawkish sounding statements from Fed Vice Chair Lael Brainard, have everyone convinced Powell will pull another Jackson Hole on Wednesday.
Indeed mortgage rates are already lower: A 30-year fixed rate mortgage has gone to 6.81% today from 7.24% on November 11th, according to Bankrate.
That is 200 points lower than were the S & P sits today.
The issue is, how many times is Powell going to reiterate this theme before it gets old?