Bloomberg reported tumbling stocks, oil and junk debt raise questions on the timing of a Fed rate hike. Last week’s selloff, which saw a more than 500 point drop in the Dow in one day, suggests financial markets may beat the Fed to tightening ahead of the September meeting, Bloomberg said.

Bloomberg noted if consumers lose confidence because their stock portfolios took a hit, or if companies have to pay more to borrow, economists inside and outside the central bank could start to lower their growth forecasts.

Other measures of financial conditions show tightening as well, Bloomberg said, citing an index maintained by economists at Goldman Sachs, which points to the tightest conditions since October 2011, in large part due to the recent surge in the value of the dollar versus other currencies.

Read the full report from Bloomberg here.