There's seems to be a glaring oversight in the rush to find the roof of 2016's rocky beginnings. China, the dollar, commodities, the election - there are plenty of potential culprits.
But what about the Fed? Late last year Janet Yellen did the then expected thing and raised interest rates from zero for the first time since the financial crisis. The move was well telegraphed and markets shrugged.
25 basis points itself means little, but for years many of us wondered what would happen when money was no longer free. It's a binary shift, and from where I sit the one source to which all other sources can be traced.
Expectations drive decisions, and when money isn't free, all investments look less good and growth prospects less spectacular. Which means, well, 2016.
From Wall Street to Silicon Valley and beyond, we may now be seeing what happens when "don't fight the Fed" a becomes bearish axiom.