IWM holds a ton of the inflationary names (oil patch and other commodity names). Seeing it break out like this is going to have the FED wringing their hands, at least a bit.  After the surprise Aussie raise and the EU seeing inflation pick up as well, our FED is stuck in a quiet period and a with a framework of their own making where they are basically stuck with a pause at next weeks meeting because that's what the market has priced in. I don't think it will be a friendly pause.