Bob Iaccino analyzes the recent price action in September Nasdaq-100 futures, which fell 11.49% from their June 22 high to enter technical correction territory. The sharp decline accelerated toward the close of the session. He details the Federal Reserve's decision to hold the target rate at 3.5 to 3.75% in a 9-3 vote, marking the fifth consecutive meeting without a change. With Chair Kevin Warsh keeping the door open to future hikes if inflation remains elevated, Iaccino emphasizes the importance of the upcoming core PCE and Q2 GDP data releases. Finally, he highlights how ongoing Middle East tensions and energy supply risks are adding a layer of uncertainty to the inflation outlook, creating another driver for index volatility.