Seems that it may just be broad market selling after a period of complacent low VIX and broader overvaluation.
For confirmation that the rate hike is coming I'll be watching the 3 month treasury rate closely for signs.
A move from .30 to .55 would seem reasonable over the next several months if we are to see 25 bps increase for 2016.
In 2015 the 0.25% rate increase was starting to be priced in by late October into early December.
The Fedwatch tool currently shows the are betting on 58% chance of rate hike by Dec.